WETHERSFIELD, Conn. — Connecticut Department of Labor Commissioner Danté Bartolomeo reported that the state’s unemployment rate has dropped to its lowest point since August 2001.
The release of the October 2024 jobs report revealed that the state’s unemployment rate dropped another 0.2% to 3%, the lowest rate Connecticut has seen in 23 years.
Last month, the private sector added 900 jobs. However, overall jobs are down 300 because of lower government payrolls. Bartolomeo said that in state government, colleges and universities are carrying smaller payrolls than last year. Local government has also shed workers.
“Connecticut is following the post-2020 economic pattern of high early year growth for six months that weakens toward the end of the year,” Bartolomeo said. “Even with monthly ups and downs, our economy is stable with major economic drivers like healthcare continuing to hire and expand.”
Bartolomeo added that from October 2023 to October 2024, a total of 8,300 jobs were added to employer payrolls, with 7,700 in healthcare.
“While we are watchful of the impact of national issues, the state’s economy remains steady,” Bartolomeo said.
Currently, Healthcare & Social Assistance is the largest industry sector in Connecticut, as 294,000 employees work in hospitals, clinics, nursing homes, medical offices and private social services providers.
Department of Labor Director of Research Patrick Flaherty said that with a very low unemployment rate, low unemployment claims filing and a steady labor force participation rate, there remains a tight job market for employers who are recruiting.
“They are constrained by the smaller workforce post-pandemic,” Flaherty said. “Job postings are still high even after moderating over the past few months. There are many opportunities for job seekers.”
According to the Department of Labor, top points from the October report and labor market information are as follows:
-Connecticut employers have added 13,200 jobs thus far in 2024
-Connecticut employers are averaging 1,320 new jobs per month
-Connecticut’s Labor Force Participation Rate is 64.1%; the national rate is 62.6%
-There are 1,709,000 payroll jobs in Connecticut
-Connecticut has more than 75,000 jobs open
-Unemployment claims in Connecticut remain below 25,000 and dropped last month
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Dalton Zbierski is a digital content producer and writer at FOX61 News. He can be reached at dzbierski@FOX61.com.
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