Connecticut’s Unemployment Drops to Lowest Rate in 23 Years

By Hugh McQuaid

November 25 @ 9:30 am

Connecticut’s unemployment rate dropped to 3% in October, according to a new report by the state Labor Department, which found unemployment at its lowest level in more than two decades.

The labor figures, released last week, reported a 0.2% decline in unemployment, marking the seventh consecutive month in which the jobless rate has decreased. According to the agency, Connecticut’s unemployment rate has not dropped to 3% since August 2001, just over 23 years ago.

In a press release, CTDOL Director of Research Patrick Flaherty said the October statistics reflected a labor market with strong opportunities for job seekers.

“With a very low unemployment rate, low unemployment claims filing, and a steady labor force participation rate, this remains a tight job market for employers who are recruiting; they are constrained by the smaller workforce post-pandemic,” Flaherty said.

The decline in unemployment accompanied a 900-job increase in private sector employment along with decreases in the government sector. The state experienced the largest gains in sectors like transportation & warehousing and accommodation & food services.

Labor Commissioner Danté Bartolomeo said that the figures corresponded with a post-pandemic trend in which job growth has surged during the first half of each year, before cooling off in the later months.

All told, Connecticut has added a total of around 13,200 during 2024, with a monthly average of about 1,320, according to the department.

“Even with monthly ups and downs, our economy is stable with major economic drivers like healthcare continuing to hire and expand,” Bartolomeo said. “It’s worth noting that from October 2023 to October 2024 a total of 8,300 jobs were added to employer payrolls — 7,700 of those were in healthcare. While we are watchful of the impact of national issues, the state’s economy remains steady.”