08/15/2024
CT Dept of Labor: Unemployment Rate Drops Again; Employers Add 700 Jobs
(Wethersfield, CT) – According to the labor situation report released today by Connecticut Department of Labor (CTDOL) Commissioner Danté Bartolomeo, employers added an estimated 700 jobs in July; additionally, the unemployment rate dropped 0.3% to 3.6%, a jobless rate low last seen in July 2023. Connecticut’s private sector employers added an estimated 1,900 jobs for a new high of 1,477,800 payroll jobs.
Commissioner Bartolomeo said, “Overall, the data points to a strong economy with low unemployment and tens of thousands of job opportunities across industry sectors. This continues to be a good market for job seekers. In July, overall job growth was slower than in previous months but well into positive territory; this year may follow the new trend of strong early year growth that flattens by the end of the year.”
CTDOL Director of Research Patrick Flaherty said, “Just over halfway through 2024, the economic outlook is good. Connecticut had broad-based job growth and while we’ve had stronger job growth months, we look at overall trends and not just monthly data. Nationally, inflation is a concern, but it’s important to note that in Connecticut over the past year, wages have increased faster than consumer prices. Since July 2023, Connecticut’s private sector weekly wage is up 4.5% while inflation went up 2.9%.”
Connecticut’s labor force is up 13,000 from July 2023. While still above the national average of 62.7%, the labor force participation rate saw a small decline in July to 64.4%. The labor force participation rate represents the number of people who are either working or actively looking for a job as a percentage of the overall population age 16 and above. Both the unemployment rate and the labor force participation rate increase as more people enter the job market—people go from ‘not in labor market’ to ‘unemployed’ to ‘employed’.
TOP LINE POINTS FROM THE REPORT:
- Connecticut’s unemployment rate, 3.6%, is lower than the national average of 4.3%.
- The private sector is more than 106% recovered from the pandemic.
- As expected, the government sector corrected this month with a decrease of 1,200 positions after an artificially high June. This sector has recovered 23,100 of the 23,700 jobs lost during the pandemic shutdown.
- Job totals (private and government sector) for 2024 are currently 18,600, 105.4% recovered from the pandemic shutdown.
- After revisions, the June job gains remained 3,300.
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 July Report
#DOLDaily: Why Trends & What’s Next?
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For Immediate Release: August 15, 2024
Media Contact:
CTDOL Communications Unit
200 Folly Brook Boulevard, Wethersfield, CT 06109-1114
Email: CTDOL.Communications@ct.gov | https://www.ct.gov/dol