Unemployment Rate of Connecticut Falls to 6.4%

unemployment2According to the reports of Fairfield County the Connecticut unemployment rate falls to 6.4%. This is the lowest rate in the span of six years. This is declared by the situation report on Labor by Department of labor of Connecticut. The unemployment rate is going to be steady. It is 6.6% in august, 6.4% for September now it is 6.4% now it is holding at the same point for October also. The rate of jobless persons in the state is 6.4%. This rate is more if you compare this to countries unemployment rate which is 5.8%.

According to these reports it is shown that this rate is at their lowest since November 2008. This shows an increase of 4,900 jobs in the private sector in the month of October. Overall 70,600 private jobs are increase in the state from January 2011. According to the statement of Gov. Daniel P. Malloy “this decrement in the unemployment shows us a progress sign. We are experiencing the best growth period in a decade by over 70,000 private jobs are created from January 2011”.

He also said that “we are committed to do everything for keeping our state in the way of Connecticut economic revival. We are working with many business communities to increase our operations with them. We are admired to put our state on the path of development and prosperity.”

In the month of October 3,600 additional jobs are adjusted on a seasonally basis, but after that also the unemployment rate remains at 6.4% as it is in September. The rate for jobless persons is going down from 7.6% as compared to October 2013. so people are going  in other activities like the gaming slots.

The job loss in the public sector is overcome by 4,900 new private jobs. The retail sector is the biggest gainer with 2,400 jobs. There are 18,300 jobs in total which are included in total in 10 months of this year, if we compare this one with the same period in 2013 than in this span only 13,700 jobs are created.

The largest increase of force growth in 2014 is in the month of October. In this month it adds 0.6% or 10,675 people. Now the state has recovered to 87,900 of the 119,100 jobs which they lost during recession period of March 2008 to February 2010. This covered now 73.8% of the jobs they lost.