By Keith M. Phaneuf
After hitting its lowest point this past spring since emerging from the the recent recession, the state’s economy might need until 2018 to recover all of the jobs it lost, the University of Connecticut is reporting today in its latest quarterly journal.
“At the current rate it will take nearly six more years to recover all the jobs lost in the last recession. And we may not be even that lucky,” states the introduction to The Connecticut Economy’s Fall 2012 issue. “Economists expect tepid … growth as far as the eye can see, which would translate into exceedingly sluggish job gains in coming quarters.”
Connecticut lost 4,000 jobs between April and June, representing 1/10th of all jobs it has recovered to date, as the growth in the nation’s gross domestic product (GDP)—the value of all goods and services produced—slowed to just 1.7 percent.
“With growth so slow we shouldn’t have expected much in the way of new Connecticut jobs,” wrote economist Steven P. Lanza, executive editor of the journal.
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