BRIDGEPORT, Conn. -- Connecticut's unemployment rate dropped a tenth of a point to 5.1 percent in October, its lowest level since March 2008, before the start of the Great Recession, the state Department of Labor reported Thursday.
“Over the past year, Connecticut’s private sector has seen a net growth of almost 24,000 new jobs – healthy economic growth – and our unemployment rate has been steadily declining," Gov. Dannel Malloy said in a statement. "We have now reached our pre-recession unemployment rate, a new and important milestone. While this month is comparatively flat, we’re no doubt seeing positive signs.”
Connecticut jobs declined by 2,200 last month to a level of 1,694,100, seasonally adjusted. This is the second monthly job loss in a row, the labor department said. The state has increased nonfarm employment by 24,100 jobs since October 2014.
“For the second month in a row Connecticut has shown job losses, possibly indicating a softening of the strong growth we have seen through August of this year,” said Andy Condon, Director of the Office of Research. “However, our annual employment growth rate continues at a strong pace.”
Connecticut’s October 2015 unemployment rate was calculated at 5.1 percent, down a tenth of a percentage point from the revised August 2015 figure of 5.2 percent, and down 1.2 of a percentage point from the October 2014 unemployment rate of 6.3 percent.
Connecticut’s unemployment rate has not been this low since March 2008 (5.1 percent), which was the start of the Great Recession employment downturn in the state.
Connecticut has now recovered 100,100 positions, or 84.1 percent of the 119,000 seasonally adjusted total nonfarm jobs that were lost in the state during the March 2008 to February 2010 employment downturn.
The Bridgeport-Stamford-Norwalk Labor Market Area posted 1,400 new jobs in October and leads the state in job growth in percentage terms, the labor department said.
“The investments in Connecticut companies and entrepreneurship, a better relationship between the business community and state government, and our efforts to improve the overall business climate are showing results,” said Lt. Gov. Nancy Wyman.
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