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Based on the U.S. BLS's preliminary monthly survey of businesses and governments, Connecticut lost 3,700 nonfarm jobs in February 2015 – seasonally adjusted. Since February 2014, however, Connecticut’s nonfarm employment has increased by 25,800 positions or 1.56% (2,150 jobs per month average) to 1,681,900 jobs. February 2015 was officially the coldest month ever recorded for average temperatures in the state and this noticeably influenced the monthly employment decline. Unemployment: The unemployment rate in Connecticut was slightly higher in February 2015 at 6.4%, seasonally adjusted, up a tenth of a percentage point from January, according to the latest federal residential/household survey. This is down by six-tenths of a percentage point from the February 2014 unemployment rate of 7.0%. Over the year, the number of unemployed in the state has fallen by 9,583 (-7.3%) to 121,983, but did increase marginally last month (1,744). The state’s labor force continued to grow last month (5,368) despite the cold for the seventeenth month in a row and has increased by 32,203 workers on an annual basis (1.7%). “Connecticut’s record cold February temperatures and frequent snow appears to have affected industry employment, hours worked, and some unemployment claims activity last month,” said Andy Condon, Director of the Office of Research. “Nevertheless, the state’s labor force weathered the cold and continues to expand, bringing out more jobseekers.” Employment: Preliminary nonfarm employment estimates for February show Connecticut lost 3,700 (-0.22%, seasonally adjusted) jobs. Six of the ten major industry supersectors were lower in employment in February, while three posted job gains, and the other services supersector was unchanged. Connecticut over-the-year job gains now total 25,800 (1.56%, 2,150 per month) with eight industry supersectors displaying positive job growth, and just two having declined. The current February nonfarm employment level of 1,681,900 virtually matches the latest three month moving average. Recession Recovery: Connecticut has now recovered 87,900 positions, or 73.9% of the now 119,000 seasonally adjusted total nonfarm jobs that were lost in the state during the March 2008 - February 2010 employment recession (post-benchmark). Connecticut’s jobs recovery is now 60 months old and is averaging 1,465 jobs per month since February 2010. The private sector has recovered employment at faster pace and has now recovered 94,700 (84.9%) of the 111,600 private sector jobs that were lost during the same recessionary downturn (a pace of about 1,578 per month). At 1,681,900 overall nonfarm jobs for February 2015, the state needs to reach the 1,713,000 level to start a true nonfarm employment expansion. This will require an additional 31,100 nonfarm jobs. Labor Market Areas: The New Haven LMA (700, 0.2%) and the Bridgeport-Stamford-Norwalk LMA (300, 0.1%) posted small monthly job gains, while the Hartford-West Hartford-East Hartford LMA (-800, 0.1%) and the Norwich-New London- Westerly LMA (-500, -0.4%) were down in employment in February. Over the year, five of the six major Connecticut BLS-recognized LMAs are now positive, as are the three smaller state-estimated LMAs, with just the Norwich-New London-Westerly LMA (-400, -0.3%, seasonally adjusted) lower now since February 2014. Hours and Earnings: The private sector workweek, not seasonally adjusted, averaged 33.3 hours in February 2015, and is higher by 30 minutes (1.5%) from the year-ago estimate of 32.8 hours. Average hourly earnings at $28.99, not seasonally adjusted, were up 59 cents, or 2.1%, from the February 2014 estimate. The resultant average private sector weekly pay was calculated at $965.37, up $33.85, or 3.6% over the year Please visit this link to read the full report: CTDOL NOTE: This report is provided with the understanding that the publisher is not engaged in providing legal, financial, accounting or other professional advice. If professional assistance is required, the services of a competent professional should be sought. Furthermore, while we do our best to ensure that these data are accurate, we suggest that any entity making decisions based on these numbers should verify the data at their source prior to making such decisions. © 2015 Connecticut Human Resource Reports, LLC |
30 March 2015
• Connecticut Employment Situation — February 2015
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