The punches keep coming! First it was fiscal health, then it was population decline, now the state is losing jobs left and right.
CT News Junkie reports that the state lost a staggering 1,400 jobs in May, the first decline of 2016. But for argument’s sake, May was a particularly tough month for jobs nationwide, so state economists were kinda expecting this.
Our unemployment rate, thankfully, remained steady at 5.7%. The state was able to maintain that number thanks to a flurry of hiring in April that saw Connecticut post 3,500 new jobs.
Still, the news doesn’t quite spell out good news for Connecticut’s future. Don Klepper-Smith, chief economist with DataCore Partners LLC, had a very grim outlook concerning the state’s overall health. He told the publisher that Connecticut is “clearly facing major obstacles to growth heading into mid-2016.”
The bad news didn’t stop there. He added, “Taxes revenues are dropping; we’re seeing an average of 500 people leave Connecticut each week on a net basis due to outmigration; the number of unemployed individuals is up by 2,100 over the last twelve months; confidence in state government is declining as is indicated by recent polls; and business confidence across the state is being challenged like never before.”
Then again, how many people did our dear old governor lay off last month? Yeah, I thought so. You can say that this is all related. Anyways, the fact that the state is losing 500 people A WEEK should embarrass the good sweet lord out of our politicians.
But, what can they do to steer us in the right direction? Do you think the state is headed into another recession… or worse?