07/18/2024
CT Dept of Labor: Mid-Year Labor Report Shows Significant Unemployment Rate Drop; New Highs for Job Gains
(Wethersfield, CT) – Today, Connecticut Department of Labor (CTDOL) Commissioner Danté Bartolomeo released the June labor situation report showing that employers added an estimated 3,300 jobs in June, bringing private sector job numbers to a new high. Additionally, the unemployment rate dropped 0.4% to 3.9%, its lowest level since August 2023. May numbers were revised from an estimated 4,700 jobs gained to 4,100 jobs gained.
Commissioner Bartolomeo said, “With six consecutive months of job growth, private sector payroll has reached a new high and put Connecticut in a strong position going into the second half of 2024. The state’s economy remains steady and stable with sustainable growth across a broad range of industries, a low unemployment rate, and good opportunities for job seekers. Inflation has slowed, which is welcome news for Connecticut workers, and if the national economy remains in good shape, economists expect 2024 to be another growth year.”
CTDOL Director of Research Patrick Flaherty said, “This month gives us a few examples of how seasonal adjustments impact the labor situation report. Using the not seasonally adjusted data, there are currently more than 65,000 construction jobs—that’s on the high end for Connecticut, and we expect continued growth due to the national infrastructure bill and state housing initiatives. As usual, construction added jobs last month; however, because the industry added fewer-than-usual jobs for June, the seasonally adjusted construction numbers show a decrease in the number of jobs. It’s why we look at data trends over monthly data when assessing industry health.”
Seasonal adjustment is a process that smooths out normal economic patterns such as increases in retail, warehousing, and transportation jobs around the holidays, or the rise in education jobs in the fall. In June, seasonally adjusted data for the Government supersector showed an exaggerated increase with the addition of 1,600 jobs. CTDOL economists expect that data to unwind next month as this increase was due to seasonal factors and the survey timing; not seasonally adjusted data shows that state payroll jobs are estimated to be lower in June than in May.
TOP LINE POINTS FROM THE REPORT:
- Six consecutive months of job growth with employers adding an average of 3,000 jobs per month.
- Connecticut has 1,713,700 payroll jobs and has recovered 105.2% of the jobs lost during the pandemic shutdown.
- Private sector jobs are at a record high of 1,476,600 and 105.7% recovered from the pandemic shutdown.
- Construction is above 65,000 for only the third time since 2008. While seasonally adjusted numbers show a slight drop in June, jobs increased according to not seasonally adjusted data.
- The decline in Administrative and Support Services is due to declines in temporary work.
At 64.6%, Connecticut’s labor force participation rate remains higher than the national average of 62.6%. Employers currently have an estimated 90,000 jobs posted.
#DOLDAILY videos with economist Patrick Flaherty:
#DOLDaily: Major Takeaways from the June Report
#DOLDaily: June Industry Sector Performance
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For Immediate Release: July 18, 2024
Media Contact:
CTDOL Communications Unit
200 Folly Brook Boulevard, Wethersfield, CT 06109-1114
Email: CTDOL.Communications@ct.gov | https://www.ct.gov/dol