Log In


Reset Password
  • MENU
    Editorials
    Wednesday, May 08, 2024

    Accepting good news

    We have become so accustomed to bad economic news that the tendency is to react with skepticism to the good variety. But the evidence is clear that the economy is in full recovery mode, nationally, statewide and locally.

    Nationally, the unemployment rate for December dropped to 5.6 percent, the lowest since June 2008, before the Great Recession set in. The economy created about 252,000 jobs in December, bringing the monthly average for the year to 246,000 jobs per month, an impressive 27 percent increase over the monthly job production average in 2013.

    While Connecticut still lagged behind the national numbers (the state entered the recession later and recovered more slowly) the information was still encouraging. At year's end, Connecticut's unemployment rate stood at 6.4 percent, the lowest since state unemployment peaked at 9.4 percent in 2010. Connecticut has regained 96,300 jobs, 81 percent of the jobs lost during the recession.

    With the exception of financial activities, an industry that has been particularly susceptible to technology replacing people, the state saw job growth across all industry sectors.

    Leading the way was the leisure and hospitality sector, with 4.2 percent job growth. While that is an industry dominated by lower paying jobs, it also creates jobs for the unskilled and difficult to employ.

    Locally, Chamber of Commerce of Eastern Connecticut President Tony Sheridan weighed in with this assessment: "I think we're in great shape."

    He made the comment after a chamber of commerce business breakfast Friday at which the region's major employers provided updates. Electric Boat in Groton remains the region's largest economic anchor, its $18 billion contract to build 10 Virginia-class submarines over the next decade assuring job security at both EB and the hundreds of businesses that feed into its supply lines.

    Pfizer, after downsizing in recent years, has stabilized its local workforce. Its Groton research campus remains the global corporation's largest.

    Foxwoods Resort Casino and Mohegan Sun continue to be buffeted by increased gaming competition in other states. That will intensify in a couple of years when the first casinos open in Massachusetts. But construction of the Tanger outlets at Foxwoods and expansion of non-gaming amenities at Mohegan Sun demonstrate the commitment of both tribal enterprises to broaden their offerings.

    Business owners who have thought about expansion and hiring may find the time is now. As Mr. Sheridan noted, it's time for "feeling optimistic."

    Comment threads are monitored for 48 hours after publication and then closed.