Connecticut's Unemployment Rate Drops to 4.7 Percent, Lowest in Nearly a Decade

Connecticut's unemployment rate dropped to 4.7 percent in November, the lowest level in the state since 2007, following the addition of more than 2,100 during the month, according to the the latest "Labor Situation" figures from the state Department of Labor.

Gov. Dannel Malloy lauded the figures Thursday, stressing that the positive labor climate in the state could help encourage businesses to move here or add more employees at their companies already in Connecticut.

"Provided that these estimates hold, the state’s unemployment rate hasn’t been this low in nearly a decade," said Malloy in a statement. "This is positive news and we remain determined to continue to move in a direction that will encourage businesses to grow their employment base here in our state and attract out-of-state companies to move within our borders. One of the ways we are going to accomplish this is by creating more structural stability within our state finances in order to create more predictability for businesses."

the unemployment rate fell four-tenths of a percentage point, which Andy Condon, Director of the state's Office of Research, agrees is welcome news. He cautioned that the state still has work to do to improve the job market.

"However, recent months of payroll job counts may indicate a significant slowing of the state’s job growth," said Condon in a statement. "While there are circumstances, such as demographic shifts, increased self-employment and growing out-of-state commuting, where these two movements can happen at the same time, we do not yet have data to support a definitive trend."

"I am committed to ending decades of bad financial practices in order to get the state’s fiscal house in order – this has been long overdue and we’ve made enormous progress on that front over the last several years, but there is more to be done," Malloy added. "I look forward to working with our partners in the business community during the coming legislative session on giving Connecticut the predictability we need to make smart investments and continue creating good paying jobs with good benefits for the residents of our state."

Click here to view the state Department of Labor's release on the November 2016 "Labor Situation."