Not only did the state lose more jobs, it’s unemployment rate also went up. Which means that there’s pretty much nowhere to hide if you want to find good fiscal news.
Naturally, we’re overdue on a bleak jobs report. Turns out, it’s doing exactly what we’d think it’d be doing.
Hartford Courant refuted the state’s previous report that employers are adding a healthy supply of new talent. The state claimed it added 1,300 jobs in March. That’s not the case.
Ah, the good old smoke and mirrors trick. Yes, that worked so well last time. So well, in fact, we made national news.
Anyways, this latest employment report claims jobs fell by 1,500 in April.
Our state unemployment average rose to 4.9 percent in April, from 4.8 percent. True, it’s less than what it was around this time last year, which was 5.4 percent.
Oh, and our employment rate is still above the national average. Just in case you were wondering.
Back in April 2016, the nation’s unemployment average was 5.0 percent. Now, it’s 4.4 percent.
Don Klepper-Smith, an economic adviser of former Governor Rell, expressed his disappoinment in the latest findings. He indicated the nation added 211,000 jobs. Klepper-Smith also mentioned that it’ll take Connecticut at least 2 more years to make a complete job recovery.
In an email, he told the Courant:
“The combination of persistent budget problems at the state and local level, waning business confidence and greater levels of overall economic uncertainty (do) not bode well for Connecticut’s job market over the near term.”
Meanwhile, the state’s Department of Labor say the latest findings don’t discourage them. Actually, they find the numbers encouraging.
Turns out that, despite the state’s higher unemployment rate, apparently it means more people found work. According to the Department of Labor, the state happened to add 600 jobs since March.
In non-agricultural employment , the state added 5,500 jobs since April 2016. According to their findings, it translates to that sector employing nearly 1.7 million people.
On top of that, the jobless rate slowed down from last year’s pace. Officials say that’s a promising sign.
Andy Condon, director of the Office of Research for the Department of Labor, issued an official statement about the latest report.
“For the fourth month in a row we have seen small increases in the unemployment rate accompanied by larger increases in the labor force. This continues to indicate that workers are entering or rejoining the labor force and many are finding work.”
However, Connecticut’s anemic economy could bring trouble in the future. Considering that the state faces a $390 million gap in the current budget, taxes could crunch businesses even more.
And if the state squeezes more money from businesses, it could trigger hiring freezes or even layoffs. Which means… yep. That unemployment rate could ride the fiscal irresponsibility elevator all the way to the top.
So, do you find the numbers encouraging? Or, do you think Connecticut’s in for a bumpy ride?