Learn About the Connecticut Unemployment Rate
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The unemployment rate in the United States is an important way to determine the economic conditions of each state and labor sector. The jobless rate is calculated as a percentage of the labor workers who are without work, compared to the labor force in entirety.
The unemployment rate fluctuates on a monthly basis depending on certain things such as jobs created, jobs lost and new workers entering the workforce. The Bureau of Labor Statistics, or BLS, measures the unemployment rate with a monthly employment situation report, calculating each state as well as the country as a whole.
What is the unemployment rate in Connecticut?
For individuals asking, “What is the unemployment rate in Connecticut?” the answer is 4.9 percent as of May 2017. This jobless rate is just 0.5 percent higher than the national average, yet 0.6 percent lower than Connecticut’s rate in 2016. The jobless rate in Connecticut has been fairly consistent over the last few months, with barely any notable fluctuations since March. Contributing to the lower unemployment rate in Connecticut is private-sector employment, which grew by 6,000 jobs in May. While the government sector grew by 700 jobs, there is still a total net loss so far this year, contributing to the biggest source of job losses overall. The good news for the unemployment rate in Connecticut, however, is that decreases are expected to happen, as economists report. Payroll estimates have increased as people are entering the labor force for the first time or rejoining the labor force and finding a job.
Oftentimes individual may struggle with unemployment in the state of Connecticut with limited resources or help. The good news is unemployment insurance benefits are available within each state, depending on eligibility requirements outlined in the application process. In Connecticut, unemployment insurance benefits are a way to assist workers financially who find themselves without work temporarily or those individuals who need part-time financial assistance while re-entering the workforce. It is important to determine the requirements for eligibility of each state prior to beginning the application for unemployment benefits.