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CT DEPT. OF LABOR: FEBRUARY ECONOMIC NEWS IS STRONG, UNEMPLOYMENT DROPS TO 4.9%

todayMarch 24, 2022 22 5

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Commissioner Bartolomeo said, “There is no doubt that the Omicron variant slowed the state’s economy in December and January. Now that Omicron has subsided, we are once again seeing strong numbers across multiple economic indicators—the unemployment rate is below 5%, jobs are being added, and unemployment claims are down. Additionally, there’s a lot of industry diversity in terms of job growth; companies across sectors are adding employees and that’s good news. On the public health side, when infection rates drop, economic activity goes up, so economists continue to monitor the public health situation carefully. The situation in Ukraine is now a concern for future reports as energy costs begin to increase.”

CTDOL Director of Research Patrick Flaherty said, “Healthcare was a strong performer in February adding 2,500 jobs in one month—that is significant, especially since this sector has been lagging. We also see improvements in restaurants, hotels, manufacturing, and the transportation industry. This report shows good growth, however the impact of the Ukraine invasion may begin showing up in the data over the next few months. Energy market disruptions are particularly relevant—they negatively impact consumers, transportation and other sectors, and tamp down statewide economic growth.”

 

TOPLINE POINTS FROM THE REPORT

Connecticut has recovered 83% of private sector jobs lost during March and April 2020.

  • The state’s labor force continued to expand; people entered the labor force and found jobs.
  • High performers in February:
    • Health Care and Social Assistance added 2,500 jobs
    • Retail added 2,400 jobs
    • Wholesale Trade added 1,800 jobs
  • Five of 10 supersectors increased, one was unchanged, four declined.

 

Written by: Mike Minarsky

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