Connecticut Unemployment Back to 9 Percent

Job growth appears to be slowing and wages are on the decline.

The October unemployment rate increased a tenth of a percent to 9 percent, according to figures from the Connecticut Department of Labor. One survey showed that 1,200 jobs were added in the previous month despite the uptick in the unemployment rate. 

“With October’s results we are, for the first time, showing year-over-year declines in job levels,” said said Andy Condon, director of the Department of Labor’s Office of Research. “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.”

The state’s unemployment rate peaked at 9 percent twice this year. Before July 2012, the previous time unemployment was at 9 percent was April 2011.

In a written statement, Gov. Dannel P. Malloy stressed the severity of the recession that slumped the economy.

“Though not as severe this month as in previous months, the household and business surveys are once again pointing in opposite directions,” Malloy said. “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 survey shows that the average workweek droped from 34.4 hours in 2011 to 34 hours in October. Average hourly earnings dropped 54 cents to $27.93 in a year. 

Will Wilkin November 20, 2012 at 04:55 PM
The extreme libertarian free market ideology that has dominated public discourse for the last 3 decades has blinded us to the myriad ways we actually have socialism for the rich and instead been used to demonize the safety net that has kept tens of millions out of poverty, especially Social Security and Medicare. And of course that libertarian ideology has been used to justify the disastrous free trade policies that opened the holes in the US economy, still bleeding an average of 15,000 manufacturing jobs ever MONTH. Its not just the FTAs but also the overvalued dollar generally that combine to make offshoring so profitable.
Will Wilkin November 20, 2012 at 04:55 PM
One way to demand change is to sign this petition: WE PETITION THE OBAMA ADMINISTRATION TO: Leave the World Trade Organization. By signing the agreement with the WTO, the U.S. Congress agreed to conceded to: Conforming U.S. laws, regulations and administrative procedures to the will of the WTO (Article XVI, p. 10) Subjecting all federal, state and local laws and practices that affect trade to international review by the WTO (Article XVI, p. 10) Allowing any WTO member country to challenge federal, state and local laws and practices as trade impeding (Section 2 of the Dispute Settlement Understanding) Taking all trade disputes to the WTO judiciary – giving the WTO final jurisdiction over all trade altercations. No appeal exists outside of the WTO (Section 2 of the Dispute Settlement Understanding) Empowering the WTO to enforce its rulings by imposing fines on the United States until we comply. Click below to sign: https://petitions.whitehouse.gov/petition/leave-world-trade-organization/mqNxY54n
Dave November 21, 2012 at 01:19 PM
Tanya Carver November 21, 2012 at 05:12 PM
As a business owner, here's what I received today : "Employers will see a reduction in their Federal Unemployment Tax Act (FUTA) tax credit for 2012 because the state is unable to repay the outstanding loans for the unemployment insurance (UI) program. This is also known as a FUTA credit reduction. In addition to interest costs, states with federal loans that are outstanding for two consecutive years must make additional payments to FUTA. The additional FUTA tax collected will be applied to the State's outstanding loan balance thereby reducing the states loan principal. "Connecticut credit's reduction is 0.6%". Business' already had to make an extra payment in July. I fear this is just the beginning of additional taxes coming to Business owners. So much for creating jobs...
Will Wilkin November 21, 2012 at 08:36 PM
Hi Tanya, You are right that deepening long-term unemployment is costing more than just those persons unemployed. Offshoring millions of jobs and losing the additional millions of multiplier-effect jobs they would have created results in lower GDP, lower tax base, higher unemployment and food stamp costs, and long-term loss of competitiveness and prosperity for our nation. You might be interested in a comment posted today by Kenneth Davis Jr., former Assistant Secretary of Commerce, agreeing with your skepticism expressed in "so much for creating jobs..." QUOTE: ...We absolutely must reach Congress and the Obama Administration to demand action to save our country. I work on that objective every day. But for three years the Obama Administration and the President’sJobs and Competitiveness Council have turned down all requests for meetings and have failed to respond to any e-mails. After one attempt to reach Jeff Immelt, GE CEO and Chairman of the Jobs Council, he had a staff assistant call me. She said “You must know that the Council Members are mostly CEOs from multinational compmanies. You can’t expect them to do anything to help U.S. domestic industries!” Wow! I should have recorded that statement. K.N. Davis, Jr. Former U.S. Ass’t Secretary of Commerce UNQUOTE Read it here: http://economyincrisis.org/content/can-americas-middle-class-regain-prosperity#comments


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