Connecticut misplaced 20,000 extra jobs in 2020 than initially estimated, posting whole losses of 122,500 for the 12 months—7.2% of the workforce.
The state Division of Labor launched the revised employment numbers March 12, revealing the total extent of the harm attributable to the COVID-19 pandemic.
Connecticut has recovered 57% of the historic 292,400 jobs misplaced final March and April as restrictions have been imposed throughout the state to mitigate transmission of the coronavirus.
Nationally, employers have recovered 58% of all COVID-19 job losses. Connecticut’s restoration is line with the opposite 5 New England states.
“The revised 2020 employment numbers are a sobering reminder of simply how fragile our state’s financial restoration is,” CBIA president and CEO Chris DiPentima mentioned.
“We aren’t but out of the woods. These numbers present the numerous challenges that too a lot of our residents and employers proceed to face.”
DiPentima known as for policymakers to prioritize the state’s financial restoration and “get folks again working.”
“It’s essential that the state legislature concentrate on pro-growth insurance policies reasonably than including new burdens on struggling employers as we’re sadly seeing from the Labor Committee for example,” he mentioned.
“Policymakers should additionally prioritize how the state makes use of the brand new spherical of federal aid dollars and resist calls to spend these funds in areas that won’t assist our restoration from the pandemic.
“We now have to be sensible about how we spend that cash and proceed to help taxpayers and employers whereas incentivizing personal sector funding to drive the state’s restoration.
“Connecticut continues to be effectively positioned for restoration. Our response to the general public well being emergency is among the many finest within the nation.
“Let’s enact insurance policies that guarantee our financial restoration can be among the many finest within the nation.”
Regional, Nationwide Image
In share phrases, New Hampshire’s job market survived 2020 with the least losses of the New England states, shedding 46,100 jobs or 6.7%.
Maine was one-tenth of some extent worse than Connecticut, shedding 7.three% of all jobs final 12 months, adopted by Vermont (-9%), Massachusetts (-9.2%), and Rhode Island (-9.three%).
U.S. employment rolls shrank 6.2% in 2020.
As of January 2021, Connecticut’s unemployment fee was Eight.1%, down three.three factors since final spring, however the highest of the New England states.
The nationwide unemployment fee is 6.2%.
Sectors, Labor Markets
Connecticut’s personal sector bore the brunt of final 12 months’s job losses, accounting for 89% of the entire decline.
Employment contracted in all 10 of Connecticut’s main business sectors misplaced jobs final 12 months, with commerce, transportation, and utilities declining the least in share phrases, shedding 7,000 jobs (-2.Four%).
Monetary actions misplaced three,400 jobs (-2.Eight%), adopted by building (-1,700; -2.9%), manufacturing (-7,900; -Four.9%), authorities, which incorporates native, state, federal, and on line casino employment (-13,500; -5.Eight%), skilled companies (-13,600; -6.three%), info (-2,200; -7%), training and well being companies (-27,200; -7.Eight%), different companies (-Eight,000; -12%), and leisure and hospitality (-38,000; -24%).
As of January, New Haven noticed the least year-over-year job losses—in share phrases—among the many state’s six main labor market areas, down 13,900 positions or -Four.7%.
Waterbury misplaced Four,100 jobs (-6%), adopted by Hartford (-43,200; -7.three%), Bridgeport-Stamford-Norwalk (-35,300; -Eight.7%), Danbury (-6,800; -Eight.Eight%), and Norwich-New London-Westerly (-14,300; -11.1%).