(Wethersfield, CT) – Today, Connecticut Department of Labor (CTDOL) Commissioner Danté Bartolomeo released the February 2023 Labor Situation Report showing that the state’s employers added 900 jobs last month after a revised January 5,800 jobs gain. The unemployment rate increased slightly to 4.5%; as in January, the rise is correlated to more workers entering the labor force. Private sector jobs continued to increase after reaching a 34-year high with the January report and are now 103% recovered from the pandemic losses.
Commissioner Bartolomeo said, “After January’s strong job gains, February showed continued steady job growth. Employers remain challenged by the smaller workforce, but the labor force expanded again last month, which is good news for recruiters. Like 2022 and 2023, it appears that 2024 is setting up in the ‘new normal’ pattern of strong early year growth. If so, we expect the growth to moderate towards mid-year. Economists continue to watch national and international events for impacts including inflation, energy prices, and interest rates.”
Total jobs are up 14,900 from February 2023; employers have approximately 90,000 jobs available.
CTDOL economist and Director of Research Patrick Flaherty said, “The continued labor force expansion is important—Connecticut businesses need workers to grow. The rising unemployment rate is a function of workers coming into the labor market; they go from being ‘not in labor force’ to ‘unemployed’ before they become employed. The state’s economy needs everyone off the sidelines; having more workers starting to look for jobs is good news.”
TOPLINE POINTS FROM THE REPORT:
- CT has recovered 295,000 nonfarm jobs, 101.3% of jobs lost during the COVID shutdown.
- Private sector payroll is up to 1,469,400, up by 12,200 jobs from February 2023.
- Government sector recovery is 82.7% of jobs lost during the COVID shutdown.
- The unemployment rate is up 1% from February 2023.
- Other Services had the largest gains last month, likely due to a strong month for repair and maintenance.
CTDOL DAILIES: VIDEO WITH DIRECTOR FLAHERTY
- #DOLDaily: Major Takeaways from the February Report
- #DOLDaily: February Industry Sector Performance
Connecticut has ~ 31,500 unemployment filers. The next Labor Situation will be released on April 18, 2024.
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