Well, forget all that positive economic news because our jobs report has final say over everything. And, as it turns out, we still have ways to go before we climb out of the pit. For the second month in a row, CT lost jobs.
Fox 61 reports that the state shed 1,200 jobs in April. Making matters worse, our Department of Labor also found we lost more jobs than we previously thought in March.
So, instead of losing 2,000 jobs that month, we actually lost 3,500. Anyone doing the math would find that the state continually lost jobs since the start of 2018.
What does that mean for us? Well, strangely enough, our state unemployment rate continued to hover at 4.5 percent.
Does that mean more people went on welfare? Did they simply stop looking for work? Or does this have any correlation with our mass exodus of people?
But the big issue is: our unemployment rate eclipsed the national average for the first time. Currently, America’s unemployment rate rests comfortably at 3.9 percent.
Even worse, the DOL says our state only recovered about 78 percent of the jobs it lost during the recession. So, that means even 10 years later, we still haven’t caught up with the rest of the nation.
But, not everything is dark and gloomy. In fact, we have one sliver of silver lining to celebrate.
All those submarine contracts bolstered our manufacturing employment! On top of that, our aerospace technology received a boost in contacts, too.
So, if you want a good-paying job, look into what’s open at Sikorsky and Electric Boat!
But, are they enough to single-handedly cure what ails the state’s meager jobs rate? Probably not. The problem goes much deeper.
What do you think? Will these flurry of technology and manufacturing contracts boost our employment rate? Or will the losses in other job sectors drag us down even further?