(Wethersfield, CT) – Today, Connecticut Department of Labor (CTDOL) Commissioner Danté Bartolomeo released the October 2024 jobs report showing the state’s unemployment rate dropped another 0.2% to 3.0%, the lowest rate Connecticut has had since August 2001. The private sector added 900 jobs last month, however, overall jobs are down 300 due to lower government payrolls. In state government, colleges and universities are carrying smaller payrolls than last year and local government has also shed workers.
Commissioner Bartolomeo said, “Connecticut is following the post-2020 economic pattern of high early year growth for six months that weakens towards the end of the year. Even with monthly ups and downs, our economy is stable with major economic drivers like healthcare continuing to hire and expand. It’s worth noting that from October 2023 to October 2024 a total of 8,300 jobs were added to employer payrolls — 7,700 of those were in healthcare. While we are watchful of the impact of national issues, the state’s economy remains steady.”
Healthcare & Social Assistance is the largest industry sector in Connecticut with 294,000 employees working in hospitals, clinics, nursing homes, medical offices, and private social services providers.
CTDOL Director of Research Patrick Flaherty said, “With a very low unemployment rate, low unemployment claims filing, and a steady labor force participation rate, this remains a tight job market for employers who are recruiting; they are constrained by the smaller workforce post-pandemic. Job postings are still high even after moderating over the past few months. There are many opportunities for job seekers.”
TOP LINE POINTS FROM THE REPORT AND LABOR MARKET INFORMATION:
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Connecticut employers have added 13,200 jobs so far in 2024 and are averaging 1,320 jobs added per month.
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September total jobs were revised to 1,300 losses from 300 losses.
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Connecticut’s Labor Force Participation Rate is 64.1%, unchanged from last month. The national rate is 62.6%.
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There are 1,709,000 payroll jobs in Connecticut.
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Connecticut has more than 75,000 jobs open.
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Unemployment claims remain below 25,000 and dropped last month.
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 October Report
#DOLDaily: Trends in 2024
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For Immediate Release: November 18, 2024