Connecticut Gained Jobs in October But The Unemployment Rate Rose to 9 Percent

Connecticut Department of Labor’s monthly “Labor Situation” report released today for October 2012 is a mixed bag. 

The business establishment payroll jobs survey estimates Connecticut added 1,200 jobs over the month, while the household based Local Area Unemployment Statistics (LAUS) program showed a small increase in the state’s unemployment rate to 9 percent.

“Though our monthly employer and household employment survey programs have been volatile in recent months with many ups and downs, it appears that job growth rates have been slowing over the last two quarters,” said Andy Condon, Director of the Office of Research at the Connecticut Department of Labor. “With October’s results we are, for the first time, showing year-over-year declines in job levels. However, we believe that when we complete our annual benchmark revisions in March, we will be showing as many as 8,000 to 9,000 more jobs in the state than the payroll survey currently indicates. If so, the current year-over-year declines will no longer hold.” 

Governor Dannel P. Malloy issued the following statement regarding today’s release.

“Though not as severe this month as in previous months, the household and business surveys are once again pointing in opposite directions. On the one hand, we created 1,200 jobs this month. But on the other, our overall unemployment rate increased slightly. If these conflicting results tell any single story, it’s that more people are attempting to enter the workforce because conditions are beginning to improve.

“The bottom line is this – a slight change in either direction should only serve as a reminder of the important work we have left to do to turn our economy around. We are battling strong headwinds, both at the national level and in Europe. The more we learn about the Great Recession, the more we realize how long it’s going to take to get us out of it.

“The steps we’ve taken over the last 22 months have made Connecticut more competitive. We’ve had two Fortune 500 companies establish their corporate headquarters here, and we’re working to bring more. We’re investing precious taxpayer dollars in growth industries like bioscience and digital media, so that our state will once again lead the way as it did in the past.  And we are constantly looking for ways to lower costs and improve residents’ quality of life, as we are with the Comprehensive Energy Plan.

“There are all positive steps that will help Connecticut compete again in the long term and create good paying jobs with good benefits for our residents.  An economy that is built to last is the goal of my administration, the beacon that guides all of our decisions, and I’m working every day to make that goal a reality.”

From Press Releases issued by the Connecticut Department of Labor and Gov. Dannel P. Malloy.