This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Job Growth Crawls In Conn. With More Lost In Dec.

By STEPHEN SINGER

HARTFORD, Conn. (AP) â¿¿ Connecticut's Department of Labor said Thursday the unemployment rate fell to 8.6 percent in December, down from 8.9 percent in November. Typically, that's a good sign, but labor economists say the drop is due to a declining labor force.

A persistent problem is that Connecticut's demographics are changing as workers drop out of the labor force, retiring prematurely or giving up job-hunting in frustration, said Andy Condon, the labor agency's research director.

The labor agency reported that 1,800 private sector jobs were lost for the sixth straight month in December.

"The state's trend of a declining labor force continues for the sixth month in a row and was the primary factor behind the declining unemployment rate in December," Condon said.

The state expects the number of jobs in Connecticut to be revised upward by as much as 10,000 when revisions are completed in March, he said. But it's still not clear that Connecticut is creating more jobs or if the revised numbers were not captured by statisticians, Condon said.

Even a spurt in employment before the busy Christmas shopping season disappeared as labor economists revised the number of retail jobs. Retail employment fell by 1,600, or nearly 1 percent, in December, which state officials called a "lackluster showing in the midst of a rapidly declining labor force."

For 2012, 2,800 private sector jobs were created, up just 0.2 percent

Economist Peter Gioia of the Connecticut Business & Industry Association, said the jobs numbers are "pretty grim news."

"Overall it shows an economy that isn't even in first gear right now," he said. "It's really stuck in neutral."

Connecticut has recovered 28,700, of the jobs it lost in the recession from March 2008 to February 2010, which Condon characterized as slow. It represents about a quarter of the 117,500 total nonfarm jobs that disappeared.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs