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Connecticut Unemployment Back to 9 Percent

Job growth appears to be slowing and wages are on the decline.

The October unemployment rate increased a tenth of a percent to 9 percent, according to figures from the Connecticut Department of Labor. One survey showed that 1,200 jobs were added in the previous month despite the uptick in the unemployment rate.    

“With October’s results we are, for the first time, showing year-over-year declines in job levels,” said said Andy Condon, director of the Department of Labor’s Office of Research. “However, we believe that when we complete our annual benchmark revisions in March, we will be showing as many as 8,000 to 9,000 more jobs in the state than the payroll survey currently indicates. If so, the current year-over-year declines will no longer hold.”

The state’s unemployment rate peaked at 9 percent twice this year. Before July 2012, the previous time unemployment was at 9 percent was April 2011. 

In a written statement, Gov. Dannel P. Malloy stressed the severity of the recession that slumped the economy.

“Though not as severe this month as in previous months, the household and business surveys are once again pointing in opposite directions,” Malloy said. “On the one hand, we created 1,200 jobs this month.  But on the other, our overall unemployment rate increased slightly.  If these conflicting results tell any single story, it’s that more people are attempting to enter the workforce because conditions are beginning to improve.”

The survey shows that the average workweek droped from 34.4 hours in 2011 to 34 hours in October. Average hourly earnings dropped 54 cents to $27.93 in a year. 

Rosie November 22, 2012 at 12:17 AM
The was never low. The labor numbers were fixed because of the Presidential election.
LAM November 22, 2012 at 03:13 AM
Way to go Ct voters, theres a 365 million dollar budget shortfall Malloy & the Democratic legislature have to deal with. How many more jobs will CT lose with their solution? And Governor Malloy, more people are looking for work because they are desperate, not because things are getting better.
Michael Brown November 22, 2012 at 07:34 AM
The total budget is $20 billion, so we are talking about a 1.8% shortfall.
LAM November 22, 2012 at 03:20 PM
Yes 1.8% now, then their solution will be to raise taxes, fees and create new fees. Of course that will reduce revenue as people cut back on spending, businesses will reduce workforce to cover increased expenses leading to even more lost jobs which leads to? Any guesses? Yes you got it! Higher defecits which will lead to more taxes, fees etc.etc. and how is that $20 billion dollar budget working for us? Califonia, sorry Connecticut ranks dead last in fiscal health http://online.barrons.com/article/SB50001424053111904881404577603301566976464.html#articleTabs_article%3D1. To top it all off for those who may have missed it, Thursday morning 11/15/2012 Governor Malloy himself said for fiscal year 2014 CT faces a $1.1 billion dollar deficit. That's based on present realities, keep in mind that a large part of CT revenue comes from Capital Gains taxes, Those likely will rise as part of any Federal budget deal. Would not common sense say that there will be less investment from CT residents leading to an even lower revenue stream? Thank GOD the state now taxes yoga classes, now if only Malloy can force 3 million residents to take up yoga we may dig our way out.
C.S. November 22, 2012 at 06:59 PM
The good news is that they can only screw us so much.

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