Connecticut lost more than 7,000 jobs in March, and the state’s unemployment rate rose once again. But economists say they do see some signs that improvement may be on the way.
The latest figures on losses mean in the first quarter of 2009, Connecticut shed 22,500 jobs. In the last quarter of 2008, the state lost 25,000 jobs. The 7,100 jobs lost in March, though a big total, is dwarfed by the 12,000 losses in February, and state labor economist John Tirinzonie says there is hope of a slowing trend.
"There are some positive signs that we are at this point bottoming out of the recession. The problems is that even if we bottom out of the recession, it’s going to take six to nine months more than likely for the economy to really start to improve and to heal. And we probably will not see employment increases until sometime the end of this year, or the beginning of next year. The good part is that hopefully we will see the job losses continue to decrease."
Manufacturing was particularly badly hit in March with more than 4,000 losses, while financial services saw a modest gain, of 200 jobs – the first time in 6 months the sector has added jobs. The state’s unemployment rate edged up to 7.5 from 7.4 % the previous month.