(Wethersfield, CT) – Today, Connecticut Department of Labor (CTDOL) Commissioner Danté Bartolomeo released the November 2024 jobs report showing that Connecticut added an estimated 300 jobs last month. The private sector added an estimated 800 jobs in November and October numbers were revised to 1,100 job gains. Overall job growth was impacted by state government which had its fifth consecutive decline. The unemployment rate was unchanged at 3.0%.
Commissioner Bartolomeo said, “Connecticut’s economy is in good shape. We’re seeing sustainable job growth, a low unemployment rate, and a steady job market with opportunities for workers at all levels of their careers. While the indicators are stable, it’s worth noting that Connecticut’s economic expansion and the national economic expansion have largely stayed in sync; any risks facing the national economy due to policy or trade changes will certainly impact Connecticut as well.”
The standard measure of the unemployment rate, called the U-3, is how many workers are in the labor market looking for a job. The Bureau of Labor Statistics also uses the U-6 measure. That data encompasses a broader group of workers:
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those looking for a job (the standard measure);
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workers who are underemployed (part time workers looking for full time jobs); and
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people who have given up looking for a job (known as ‘discouraged workers’).
In 2024, Connecticut’s U-6 rate has hovered at the lowest it’s been since record keeping began in 2003. The current U-6 rate is 7.2%.
CTDOL Director of Research Patrick Flaherty said, “By every measure, Connecticut’s unemployment rate remains very low. While there are always new entrants to the job market—recent graduates, for example, a consistently low unemployment rate also impacts businesses that are trying to hire and expand. The state’s investments in housing and affordability are key to attracting and retaining the workforce.”
TOP LINE POINTS FROM THE REPORT AND LABOR MARKET INFORMATION:
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Connecticut employers have added 13,500 jobs so far in 2024.
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There are 1,709,300 payroll jobs in the state.
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The manufacturing sector has done considerable hiring, however it has remained flat overall due to the high number of retirements.
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Connecticut’s Labor Force Participation Rate is 64.1%, unchanged from last month. The national rate is 62.5%.
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The Finance Activities sector is growing in Connecticut and up 2,100 jobs so far in 2024.
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Retail trade was down 600 jobs in November—likely due to survey timing and a late Thanksgiving.
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Connecticut has about 73,000 jobs open.
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Unemployment claims remain below 25,000, quite low by historical standards.
#DOLDAILY video with economist Patrick Flaherty:
#DOLDaily: Major Takeaways from the November Report
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For Immediate Release: December 18, 2024