State unemployment rate down to 4.1 percent in November
Connecticut lost 500 jobs in November, while revised figures show it gained 3,000 jobs in October, twice as many as previously estimated, the state Department of Labor reported Thursday.
The number of unemployed residents in the state was estimated at 77,700 in November, a decline of 2,300 over October, resulting in an unemployment rate of 4.1 percent. October’s rate was 4.2 percent.
The national rate in November was 3.7 percent.
“It is clear that Connecticut’s labor market continues to tighten,” Andy Condon, director of the department’s Office of Research, said in a statement. “Our unemployment rate continues to trend down into full employment territory, and nearly all industry supersectors are showing annual growth. The trade and information sectors are the only exceptions.”
Connecticut has now recovered 108,700 jobs, or 91.3 percent, of the 119,100 seasonally adjusted jobs lost during the Great Recession, which officially lasted from March 2008 to February 2010, the department reported.
“The November job loss was not unexpected given waning business confidence and weakening labor market fundamentals,” said Donald Klepper-Smith, chief economist and director of research for DataCore Partners and economic advisor to Liberty Bank. “We’ve now averaged about 1,035 jobs per month, and so the last few months have offered no real surprises per se.”
Connecticut remains the only New England state with a job-recovery rate below 100 percent, Klepper-Smith noted.
He said he expects Connecticut’s unemployment rate to range from 4.5 to 5.5 percent over the next year.
Four of the 10 major industry sectors gained jobs in November, according to the state, with construction and mining adding 600 jobs, “other services” adding 400, financial activities adding 300 and information adding 200.
Education and health services lost 600 jobs, the most of any declining sector.
Among the state’s six labor market areas, the Hartford area netted 1,400 new jobs, the most of the three areas that posted gains. The New Haven area experienced the greatest decline, shedding 1,000 jobs, while the Norwich-New London-Westerly area lost 300 jobs.