CT DEPT. OF LABOR: UNEMPLOYMENT RATE DROPS TO 3.4%; LABOR MARKET TIGHTENS FOR EMPLOYERS
(Wethersfield, CT) – Today, Connecticut Department of Labor (CTDOL) Commissioner Danté Bartolomeo released the August 2024 jobs report showing that while private sector jobs remain above the 2008 peaks, employers shed an estimated 2,200 jobs in August. Connecticut’s unemployment rate dropped for the fifth consecutive month and is now 3.4%.
Commissioner Bartolomeo said, “Connecticut’s labor market remains healthy with low unemployment and low unemployment claims, however, the agency is watching some economic indicators including layoff data that may be inching up. To date in 2024, the market is following the post-2020 trend—strong early year job growth that tapers and ends the year down. Building—and housing—the workforce is critical, employers are facing hiring challenges as they try to replace retiring workers and add new positions.”
CTDOL Director of Research Patrick Flaherty said, “This is a complex report with many factors impacting the data. On the federal level, officials have been working to push down inflation; it was a successful effort that required cooling the economy across the nation, Connecticut’s market was certainly impacted. Overall, the state’s economy is growing at a sustainable pace even with monthly ups and downs.”
Despite significant hiring, manufacturing jobs declined last month, likely because employers are not able to keep pace with retirements.
TOP LINE POINTS FROM THE REPORT AND LABOR MARKET INFORMATION:
- Connecticut’s unemployment rate dropped from 3.6% in July to 3.4% in August. The national rate is 4.2%.
- Job totals (private and government sector) for 2024 are currently 1,710,600, up 12,800 jobs from August 2023.
- July estimated numbers were revised from a 700 jobs gain to a 900 jobs loss.
- Connecticut’s Labor Force Participation Rate is 64.2%, down 0.2%; the national rate is 62.7%. Despite labor force declines, the labor force is up 3,400+ since Dec. 2023.
- Connecticut has approximately 84,000 jobs open.
- Continued unemployment claims are below 25,000.
CTDOL and the American Job Centers provide assistance to both job seekers and recruiting employers. With free career counseling; resume and job search assistance; recruiting events; and CTHires registration and information help, the American Job Centers connect workers with opportunities and employers with a workforce.
#DOLDAILY videos with economist Patrick Flaherty:
#DOLDaily: Major Takeaways from the August Report
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For Immediate Release: September 19, 2024
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Media Contact:
CTDOL Communications Unit
200 Folly Brook Boulevard, Wethersfield, CT 06109-1114
