The labor market continues to trend in a positive direction in Connecticut. According to the latest report released by the Connecticut Department of Labor (CTDOL) on Thursday, overall nonfarm employment grew by 500 jobs in October. While the latest job gain marks the tenth straight monthly nonfarm industry job gain of the year, it also represents the slowest month of growth within that same time span.
Last month, the state’s private sector payrolls increased by 1,100 positions while overall nonfarm employment grew by 500 jobs to a total of 1,668,200. Connecticut’s nonfarm industry employment is now 36,600 positions higher than it was in October of last year. However, while jobs did trend in the right direction, the job growth was slower than any month this year, just a fraction of the 6,700 jobs gained between July and September.
Chris DiPentima, President and CEO of the Connecticut Business and Industry Alliance (CBIA), said that the dramatic decrease in job growth in October might be a sign that the labor market will begin to trend downwards.
“With just 500 jobs added, October represents the slowest month for the year and perhaps signals a cooling in the job market—a pattern we’ve seen over the past two years,” DiPentima said. “While there is much to be positive about, it’s clear employers are apprehensive about the possibility of an economic slowdown in the coming months.”
While job growth was slower in October, the industries hardest hit by the pandemic – Accommodation and Food Services and Health Care and Social Assistance – added the most jobs. Additionally, private sector employment is 35,800 positions higher than the October 2021 level. Overall, the state’s private sector is 92.4 percent recovered from the April 2020 COVID-19 employment loss.
However, the government supersector continues to struggle, losing 600 jobs last month dropping its total jobs to 226,200. Total government employment in the state is just 800 positions above last year’s levels and the public sector is now only 55.5 percent recovered from the COVID-19 employment loss.