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Wed November 13, 2013
Economic Forecaster Sees Flat Jobs Growth This Year
Connecticut looks likely to maintain its level of job growth this year, according to the New England Economic Partnership, but the forecasting group says the state’s recovery will continue to lag behind the national average.
NEEP’s semi-annual forecast calls for Connecticut to add 14,400 jobs by the end of this year, only a slight improvement on the 14,100 added in 2012. The picture looks brighter for next year, with a projected 18,700 job growth, supported by the improving U.S. economy and the recovery of the housing market.
Continued downsizing and restructuring in the financial services industry is a downside risk for the state. The forecast says it expects hikes in federal payroll and income taxes to affect Connecticut’s recovery. Sequestration and the lingering effects of the government shutdown may also take a bite out of job and income growth.