January 2014 Connecticut Labor Situation ~ Jobs decline 10,400, unemployment rate falls to 7.2%, 2013 job numbers revised upward. www1.ctdol.state.ct.us/lmi/laborsit.pdf After hitting a new employment recovery high in December (1,663,500), Connecticut’s nonfarm employment dropped 10,400 positions (-0.6%, seasonally adjusted) to a level of 1,653,100 jobs in January 2014. Cold and snowy winter weather has slowed economic activities more than usual across the state and region in recent months and may have had an impact on January job statistics. Notable upward revisions to 2013 nonfarm employment levels, especially in the fourth quarter of 2013, brought December’s re-estimated employment 12,300 positions higher (+0.7%) than levels originally published. Connecticut experienced upward nonfarm employment revisions to every month in 2013 (seasonally adjusted, see Connecticut’s benchmark revision reports, pages 4-6). The on-going decline in Connecticut’s unemployment rate continued into January 2014, dropping two-tenths of a percentage point to 7.2%, from the revised 7.4% rate estimated in December 2013. This is the sixth monthly unemployment rate decline in a row since reaching 7.9% in July 2013 (based on newly revised data, see page 6). The state’s unemployment rate is now eight-tenths of a percentage point below a year ago (8.0%). The number of unemployed residents in the state has fallen over-the-year by 16,413 (-11.0%). “Newly benchmarked employment statistics reaffirm the consistent job growth in the state that brought down the unemployment rate in 2013,” said Andy Condon, Director of the Office of Research. “However, the steep decline in January payroll jobs remains a concern. If, as we suspect, January’s decline was largely due to weather conditions we should see growth trends return in future months.” www1.ctdol.state.ct.us/lmi/laborsit.asp
Posted on: Fri, 14 Mar 2014 15:39:59 +0000
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