CT Dept of Labor: Unemployment Rate Drops to 3.4%; CT Labor Market Tightens for Employers

(Wethersfield, CT) - Today,Connecticut Department of Labor (CTDOL) Commissioner DantéBartolomeo released the August 2024 jobs report showing that while private sector jobs remain above the 2008peaks, employers shed an estimated 2,200 jobs in August. Connecticut'sunemployment rate dropped for the fifth consecutive month and is now 3.4%.

Commissioner Bartolomeo said, "Connecticut's labor market remainshealthy with low unemployment and low unemployment claims,however, the agency is watchingsome economic indicators includinglayoffdata that maybe inching up. To datein2024, the market is following the post-2020 trend-strong early year job growth that tapers and ends the year down. Building-and housing-the workforce is critical,employers are facing hiring challenges as they try to replace retiring workers and add new positions."

CTDOL Director of Research Patrick Flaherty said, "This is a complex report with many factors impactingthe data. On the federal level, officials have been working to push down inflation; it was a successful effort that required cooling the economyacross the nation, Connecticut's market was certainly impacted. Overall, the state'seconomy is growing at a sustainable pace even withmonthly ups and downs."

Despite significant hiring, manufacturing jobs declined last month, likely because employers are not able to keep pace with retirements.

TOP LINE POINTS FROM THE REPORT AND LABOR MARKET INFORMATION:

CTDOL and the American Job Centers provide assistance toboth job seekers and recruiting employers. With free career counseling;resume and job search assistance; recruiting events;and CTHires registration and information help, the American Job Centers connect workers with opportunities and employers with a workforce.

#DOLDAILY videos with economist Patrick Flaherty:

#DOLDaily: Major Takeaways from the AugustReport

###

For Immediate Release: September 19, 2024