Malloy: 2015 Represents Best August Job Growth in a Decade

Gov. Dannel P. Malloy and Lt. Gov. Nancy Wyman on Thursday released the following statements in response to the Connecticut Department of Labor’s “Labor Situation” report for August 2015, which showed several thousand jobs were created last month.

The monthly report indicates that:

• Connecticut saw a net increase of 3,200 new jobs during the month. Though numbers may face adjustment next month, this represents the best year-over-year August job growth in the last ten years. The 2015 July-August jobs period, seasonally adjusted, has proven to deliver the second most movement in the last decade.

• The unemployment rate in the state dropped one-tenth of a percent to 5.3% (the national rate is currently 5.1%). At this time last year, it was over a full point higher at 6.4%. Connecticut’s unemployment rate has not been this low since April 2008 – a new seven-year low – when unemployment was increasing at the beginning of the Great Recession (during the recession, it peaked at 9.2% in 2010).

• Over the year, the state has grown 33,200 nonfarm jobs. Since August 2014, employment in Connecticut’s private sector has increased by 31,100 new jobs.

• The state has now recovered 98.4% of the private sector jobs that were lost in the Great Recession. The private sector now needs just an additional 1,800 positions to reach full, pre-recession recovery.

According to the latest town-by-town jobs report, which is current through July 2015, Stamford has 3,281 residents who are unemployed out of a workforce of 71,302 residents. Stamford’s unemployment rate is 4.6 percent.

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Malloy said in a prepared statement, “We’ve undoubtedly seen a strong summer and a strong year – this is the best August we’ve seen in a decade. There is no doubt the needle is moving in the right direction.

He added, “Unemployment is hovering around the national average, with thousands of jobs being created each month. It’s good news and it demonstrates that our efforts over the past several years are truly paying dividends.

“Nonetheless, we must continue fighting for more good paying jobs with good benefits as we engage with companies like never before.”

Photo credit: Bill Jacobus via Flickr.com.