(Wethersfield, CT) – Connecticut Department of Labor (CTDOL) Commissioner Danté Bartolomeo today released the August labor situation report showing that Connecticut employers added an estimated 2,100 jobs last month. The state’s unemployment rate, 3.6%, is below the national average of 3.8% and is at a four-year low. The private sector has now fully recovered and has gained 267,700 jobs since April 2020, 1,700 more than the 266,000 jobs lost during the pandemic.
Commissioner Bartolomeo said, “While major national issues such as interest rate increases and energy costs remain a concern, Connecticut’s economy has shown resilience and strength in recovery. Current numbers show that the private sector has added back all the jobs lost during the pandemic, the unemployment rate remains low, and job gains have been balanced across industry sectors—all indicators of continued economic stability. Employers are still constrained by the tight labor market though, and the inability to hire may curtail growth and expansion.”
CTDOL Director of Research Patrick Flaherty said, “It appears that Connecticut’s economy is reaching a new normal with sustained low unemployment rates and steady monthly job growth. With job gains across a diverse range of industries, Connecticut is well-positioned to weather ongoing pressure from inflation and interest rates.”
How Job Numbers are Determined
Each month, the Bureau of Labor Statistics surveys employers to determine the number of payroll jobs during a specific timeframe. Connecticut employers respond with data that economists aggregate to establish an overall picture of the state’s labor market and how many jobs have been created or lost during that month. Economists use employer information to determine job gains or losses by industry, geographic area, and market sector. The data is then released in the monthly labor situation report.
The following month, economists release a revised jobs number to incorporate employer responses that were submitted after the initial analysis. The late entries may significantly impact the overall jobs count, making the revised numbers an important part of tracking fluctuations in the labor market.
In the July 2023 labor situation release, employers reported an additional 2,900 jobs were added to their payrolls. In the August report, economists revised that July number to 1,900 jobs added. The revision includes additional data that employers submitted, including what was too late to be incorporated into the original calculation.
Connecticut currently has about 25,000 weekly unemployment filers. Job openings remain high with 77,000 jobs posted; down from a pandemic high of 120,000 jobs.
Topline points from The Report:
- The private sector is 100.6% recovered from the pandemic shutdown.
- Connecticut has added 2,500 jobs per month in 2023, a slightly faster pace than all of 2022.
- Six of 10 industry supersectors added jobs in August, four declined.
- Construction is at its highest level since October 2008.
VIDEO: Director Flaherty comments on the August 2023 report:
#DOLDaily: Major Takeaways from the August Report
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