State’s Jobless Rate Creeps Up Slightly to 9 Percent

News, Business

Monday, November 19, 2012

By Keith M. Phaneuf

www.ctmirror.org

Connecticut’s unemployment rate rose marginally in October, climbing to 9 percent despite 1,200 new jobs added last month, the state Department of Labor reported today.

The latest numbers also show a stabilizing of the jobless rate, which has hovered at or around 9 percent for much of the fall after a volatile summer. The rate rose from 8.1 percent to 9 percent between June and August before dropping to 8.9 percent in September.

“It appears that job growth rates have been slowing over the last two quarters,” Andy Condon, director of the Office of Research at the labor department, said today. “With October’s results we are—for the first time—showing year-over-year declines in job levels.”

The state job market has lost 2,800 jobs since October 2011 for a 0.2 percent decline. The latest report represents the fourth month of job gains in 2012 set against five months of losses and one month with no change.

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Posted 11/19 at 03:02 PM

Comments: Comment Policy

State is now running a huge budget deficit after raisng taxes—even to the middle class. Now the jobless rate is growing higher—and what happens if the economy slows down with the fiscal cliff?

Add to that the Governor’s inability to be honest about the public pension liabilities—now projected to be $60 BILLION DOLLARS. The Governor is using a high discount rate—but we all know that is crazy. If the discount rate is chnaged to 4.5%, wich is reasonable, CT’s obligations to retirees explodes to $60 BILLION. AND YOU AND I OWE THAT MONEY. THE HIGHEST STATE DEBT PER CAPITA IN THE COUNTRY

Posted by Bart Shuldman on November 20, 2012 at 03:27 PM | #

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