October 18, 2018

CT's Sept. jobless rate 4.2%

Photo | Contributed
Photo | Contributed
Workers on the shop floor at Waterbury's Noujaim Tool Co.

Connecticut continued in September to shrink its jobless rate -- to 4.2 percent -- despite shedding a net 500 jobs that month, state labor authorities say.

Statewide nonfarm employment totaled an estimated 1,701,300 last month, the state Department of Labor said Thursday.

Connecticut's unemployment rate was 4.5 percent in August.

The U.S. jobless rate in Sept. fell to 3.7 percent.

Tempering Connecticut's September loss was an upward revision that doubled August's statewide job gains, to 2,200 new jobs that month, DOL's Office of Research Director Andy Condon said.

"Despite the drop of 500 jobs in September, Connecticut's labor market appears strong," Condon said. "Annual growth increased to nearly 20,000 jobs. Only the trade, information and government supersectors show annual job losses."

The construction supersector, along with financial activities, manufacturing, government and other services added jobs in September, Condon said.

Pete Gioia, now an economic adviser to the Connecticut Business & Industry Association, hailed the lower jobless rate, particularly the contribution of job gains in the financial sector. However, Gioia said the latest state employment news shows job-growth stability "is still lacking."

"Demographic challenges with our aging workforce and a skilled talent shortage hold us back slightly," Gioia said, "but more than that—we need more consistency month-to-month."

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