01/22/2024
CT Dept of Labor: With Strong Early Growth, 2023 Economic Trend Mirrors 2022
(Wethersfield, CT) – Today, Connecticut Department of Labor (CTDOL) Commissioner Danté Bartolomeo released the final labor situation report for 2023. The unemployment rate in December 2023 rose slightly to 3.8%, below the December 2022 unemployment rate of 4%. After a solid growth year with employers adding an estimated 22,700 jobs in 2023, last month, Connecticut employers lost an estimated 2,500 jobs. The 2023 employment trends followed 2022 with strong growth at the beginning of the year and a slow-down towards the end.
Commissioner Bartolomeo said, “December was not a growth month, however, Connecticut’s economy remains strong and stable with employers having added an estimated 22,700 jobs this year. In 2022 we saw a similar pattern of months of strong early growth that tapered in late 2022 but produced strong early 2023 hiring. Overall, Connecticut’s unemployment rate remains very low and employers continue to hire across industry sectors."
CTDOL Office of Research Director Patrick Flaherty said, “Going into 2024, as long as the national economy continues to avoid recession, we expect Connecticut’s economy continue to show solid growth. Economic recoveries are always uneven, economists look at trends rather than focusing too heavily on a single report. On March 8, Connecticut will release the actual data for 2023, that will give us a good overview of how industry sectors are performing.”
Employers have 75,000 jobs posted across a broad cross section of industries. The state has about 30,000 weekly unemployment filers.
Highlights from the Report:
- 2022 and 2023 had the highest two-year job growth than in any pre-pandemic time period since 1999.
- To date, private sector employers have added an estimated 18,000 jobs in 2023. The final numbers based on employer data will be released March 8, 2024.
- Overall, an estimated 22,700 jobs were added in 2023.
- Employers added 26,800 jobs in 2022.
- In December, four of 10 industry supersectors saw job gains or remained unchanged. Six sectors declined.
VIDEO: Director Flaherty comments on the December 2023 report:
#DOLDaily: Major Takeaways from the December Report
#DOLDaily: 2023 Lookback
CTDOL will not release a Labor Situation report in February. On March 8, 2024, CTDOL will release the final benchmarked 2023 numbers and on March 21, CTDOL will release the February 2024 report.
###
Media Contact:
CTDOL Communications Unit
200 Folly Brook Boulevard, Wethersfield, CT 06109-1114
Email: CTDOL.Communications@ct.gov | https://www.ct.gov/dol