ECONOMIC DIGEST THE CONNECTICUT. State Economic Indexes (SEI), By Jungmin Charles Joo and Dana Placzek, DOL OCTOBER 2017

Transcription

1 THE CONNECTICUT ECONOMIC DIGEST Vol.22 No.10 A joint publication of the Connecticut Department of Labor & the Connecticut Department of Economic and Community Development OCTOBER 2017 IN THIS ISSUE... State Economic Indexes (SEI), Economic Indicators on the Overall Economy... 5 Individual Data Items Comparative Regional Data... 9 Economic Indicator Trends Help Wanted OnLine Business and Employment Changes Announced in the News Media Labor Market Areas: Nonfarm Employment Sea. Adj. Nonfarm Employment...14 Labor Force Hours and Earnings Cities and Towns: Labor Force Housing Permits Technical Notes At a Glance In August... Nonfarm Employment Connecticut... 1,687,200 Change over month % Change over year % United States ,730,000 Change over month % Change over year % Unemployment Rate Connecticut % United States % Consumer Price Index United States Change over year % State Economic Indexes (SEI), By Jungmin Charles Joo and Dana Placzek, DOL C onnecticut ranked 32 nd out of the 50 states and the District of Columbia (DC) in the State Economic Indexes (SEI) in 2016, moving up from the 39 th position in In fact, last year s overall economic performance was the best in terms of the ranking in six years. Colorado, once again, ranked first in the nation with the highest index last year (145.3), while Wyoming came in last (102.6). Our state s index of was below the nationwide value of (see table on page 2). SEI: Methodology Applying the same components and methodology of the Connecticut Town Economic Indexes (See September 2017 issue), the Connecticut Department of Labor s Office of Research also developed the State Economic Indexes, an annual composite index of each of the 50 states and DC. With recently available annual average data from the Quarterly Census Employment and Wages (QCEW) program, along with the revised annual average unemployment rate from Local Area Unemployment Statistics (LAUS), annual SEI is reestimated for the period. These indexes provide a measure of the overall economic strength of each state that can be compared and ranked. Four annual average state economic indicators were used as components: 1. the number of the total covered business establishments, 2. total covered employment, 3. real covered wages, and 4. the unemployment rate. Establishments are the physical work units located in the state. Employment is the number of employees on payroll in the establishments that are located in the state who are covered under the unemployment insurance law (nearly the universe count of all the employees on payroll in the state). Average annual pay is the aggregate wages earned divided by the total average employment. Establishments, employment and wages are proxies for each state s business activities and its overall economic strength, while the unemployment rate measures the overall economic health of each state s working residents. Each of the four components of the SEI is given a 25 percent weight. SEI s base year is 2010, which equals 100. The wage component is adjusted to 2010 dollars and the unemployment rate changes are inversed to reflect the right economic direction. By combining these four major economic indicators, the index gives a broad measure of business and resident economic health of each state -continued on page 3- THE CONNECTICUT ECONOMIC DIGEST 1

2 THE CONNECTICUT ECONOMIC DIGEST The Connecticut Economic Digest is published monthly by the Connecticut Department of Labor, Office of Research, and the Connecticut Department of Economic and Community Development. Its purpose is to regularly provide users with a comprehensive source for the most current, up-to-date data available on the workforce and economy of the state, within perspectives of the region and nation. The annual subscription is $50. Send subscription requests to: The Connecticut Economic Digest, Connecticut Department of Labor, Office of Research, 200 Folly Brook Boulevard, Wethersfield, CT Make checks payable to the Connecticut Department of Labor. Back issues are $4 per copy. The Digest can be accessed free of charge from the DOL Web site. Articles from The Connecticut Economic Digest may be reprinted if the source is credited. Please send copies of the reprinted material to the Managing Editor. The views expressed by the authors are theirs alone and may not reflect those of the DOL or DECD. Managing Editor: Jungmin Charles Joo Associate Editor: Erin C. Wilkins We would like to acknowledge the contributions of many DOL Research and DECD staff and Rob Damroth to the publication of the Digest. Connecticut Department of Labor Scott D. Jackson, Commissioner Kurt Westby, Deputy Commissioner Andrew Condon, Ph.D., Director Office of Research 200 Folly Brook Boulevard Wethersfield, CT Phone: (860) Fax: (860) dol.econdigest@ct.gov Website: Connecticut Department of Economic and Community Development Catherine Smith, Commissioner Tim Sullivan, Deputy Commissioner Bart Kollen, Deputy Commissioner 450 Columbus Boulevard Suite 5 Hartford, CT Phone: (860) Fax: (860) decd@ct.gov Website: STATE ECONOMIC INDEXES (2010=100), * State Rank Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming UNITED STATES * 2010 = 100 for all 50 states and District of Columbia 2011 SEI is available upon request. Ranking by 2016 SEI level Index developed by Connecticut Department of Labor, Office of Research Data Source: Bureau of Labor Statistics 2 THE CONNECTICUT ECONOMIC DIGEST

3 that can then be compared and analyzed. SEI: 2015 to 2016 Possibly reflecting a slowdown in the current economic recovery in the nation, business and labor conditions of only 29 of the 50 states and DC improved from 2015 to 2016, compared to 45 with increased SEI from 2014 to The biggest percentage increase in the index occurred in New Hampshire, Massachusetts and Arkansas. Connecticut ranked 16 th among states, in terms of over-the-year percentage growth (1.9%). Meanwhile, the U.S. index rose 0.4% from 2015 to The states that experienced fastest decline in 2016 include Wyoming, North Dakota and Oklahoma. SEI: 2010 to 2016 Looking longer term, all 50 states and DC showed positive SEI growth. Colorado, Nevada, and California topped the list, when new business formations, jobs, real wages, and unemployment rates are all factored in. The Connecticut index increased 20.5% since 2010, when the economy began to recover, while the nation s index grew 24.5%. Among the nine Northeast states, continued from page Connecticut ranked 7 th, slightly above Vermont and Pennsylvania (Chart 1). New Hampshire s economy fared the best since All in all, fewer than half of the states recovered faster than the national average from 2010 to The map on page 4 shows the different ranges of economic recovery rate of each state. Components of SEI: Establishments In terms of the number of establishments, Idaho, Virginia and Nevada experienced the fastest growth over the year. Illinois, Alaska and North Dakota were the only states with declines from Connecticut s establishment growth rate ranked 35 th among the states. Over the last six years, North Dakota, Nebraska and Oregon had the fastest business formations. However, Michigan, Minnesota, New Jersey and Louisiana experienced a decline in the number of establishments from 2010 to Employment Last year s average nationwide employment grew slower at 1.7% from Utah ranked first over the year, while Chart 1. SEI (2010=100) for 2016 of Northeast States and U.S NH RI MA ME NY NJ US CT VT PA Connecticut moved up to a 44 th place. Six states lost jobs over the year, including North Dakota, Wyoming and Alaska. Looking at a six-year trend, all but West Virginia added jobs. Utah experienced the fastest employment gain during the latest recovery, while Colorado, Florida, North Dakota, and California rounded out the top five. Meanwhile, Connecticut s job growth slid down to 46 th from 44 th in Nominal Wages All except seven states posted wage gains in Washington had the biggest annual pay gain, followed by Nevada and Hawaii. Connecticut was 42 th in terms of wage growth, dropping from 34 th in The highest annual average pay was earned in DC at $89,472 in Connecticut s wage was fourth once again in 2016 ($65,875), following New York ($67,943) and Massachusetts ($67,429). As in 2015, only fourteen states and DC posted wages higher than the nation s average of $53,611 last year. The three states with the lowest average pay in 2016 were Mississippi, Idaho and Montana. Since 2010, all states and DC experienced income gains, with North Dakota having the fastest increase. Connecticut s annual pay growth rate ranked 44 th among the states. Unemployment Rate Both New Hampshire and South Dakota posted the lowest unemployment rate in 2016 at 2.8%. Conversely, New Mexico had the highest unemployment rate last year at 6.7%. Connecticut s 5.1% jobless rate ranked 34 th in the nation, and above the national rate of 4.9%. The biggest drop occurred in Massachusetts and South Carolina, while Wyoming -continued on page 5- THE CONNECTICUT ECONOMIC DIGEST 3

4 WA OR ID CA NV UT AZ AK Note: Alaska and Hawaii not shown to scale MT WY NM HI State Economic Index, 2016 ND MN SD WI MI IA NE OH IL IN CO KS MO KY TN OK AR MS AL TX LA SEI (2010=100) 100 to to to 130 Over 130 GA WV PA VA NC SC FL NY DC MD VT NJ DE NH MA CT ME RI 4 THE CONNECTICUT ECONOMIC DIGEST

5 Chart 2. SEI Diffusion Index, continued from page 3- experienced the biggest increase over the year. Over the longer period, Nevada had the biggest unemployment rate drop, falling from 13.0% in 2010 to 5.7% in 2016, a 7.8-percentage point decline. Michigan, California, South Carolina and Florida also experienced huge decreases over the last six years. Connecticut s jobless rate, meanwhile, dropped from 9.1% to 5.1%. Nationally, the rate fell from 9.6% to 4.9% during that same period. SEI Diffusion Index: One way to measure aggregate performance of SEI of all 50 states and DC is to use a 76 diffusion index. For each state, the index is up, down, or unchanged over the year. The SEI Diffusion Index is calculated by subtracting the share of states that experienced decreases in their indexes from the share that had increases over the year. For example, index values in 46 states went up (90%), three (6%) went down, and two stayed the same in The diffusion index is then calculated by subtracting 6 from 90, equaling 84 (Chart 2). Thus, if all 51 indexes rise from a prior year, then the diffusion index becomes 100, and if all fall, then If the SEI diffusion index is positive, then that is interpreted as an economic recovery or expansion, while negative figures would mean an economic recession or contraction. As expected, during the , the SEI Diffusion Index values were positive, when the nation was undergoing an economic recovery. However, more states showed index declines in 2015 than in the previous three years. In 2016, the index value fell dramatically to 14, when nearly half of the states indexes fell over the year. Though still positive, this may indicate a significant slowdown of the nation s economic recovery. Conclusion Based on the SEI calculations, Connecticut s move up to 32 nd place last year is an encouraging sign. However, with the ongoing state budget crisis, it remains to be seen if our state s economy will improve by the end of this year. Also, as stated before, given the markedly increased number of states with falling index numbers in 2016, the probability of a further slowdown of the national economy would likely be higher in GENERAL ECONOMIC INDICATORS 2Q 2Q CHANGE 1Q (Seasonally adjusted) NO. % 2017 General Drift Indicator (1996=100)* Leading Coincident Farmington Bank Business Barometer (1992=100)** Philadelphia Fed's Coincident Index (July 1992=100)*** Aug Aug Jul (Seasonally adjusted) Connecticut NA NA NA NA NA United States NA NA NA NA NA Sources: *Dr. Steven P. Lanza, University of Connecticut **Farmington Bank ***Federal Reserve Bank of Philadelphia General Drift Indicators are composite measures of the four-quarter change in three coincident (Connecticut Manufacturing Production Index, nonfarm employment, and real personal income) and three leading (housing permits, manufacturing average weekly hours, and initial unemployment claims) economic variables, and are indexed so 1996 = 100. The Farmington Bank Business Barometer is a measure of overall economic growth in the state of Connecticut that is derived from non-manufacturing employment, real disposable personal income, and manufacturing production. The Philadelphia Fed s Coincident Index summarizes current economic condition by using four coincident variables: nonfarm payroll employment, average hours worked in manufacturing, the unemployment rate, and wage and salary disbursements deflated by the consumer price index (U.S. city average). THE CONNECTICUT ECONOMIC DIGEST 5

6 STATE ECONOMIC INDICATORS Total nonfarm employment increased over the year. Average weekly initial claims fell from a year ago. The production worker weekly earnings fell over the year. EMPLOYMENT BY INDUSTRY SECTOR (Seasonally adjusted; 000s) NO. % 2017 TOTAL NONFARM 1, , ,691.1 Natural Res & Mining Construction Manufacturing Trade, Transportation & Utilities Information Financial Activities Professional and Business Services Education and Health Services Leisure and Hospitality Other Services Government* Source: Connecticut Department of Labor UNEMPLOYMENT MANUFACTURING ACTIVITY * Includes Native American tribal government employment (Seasonally adjusted) NO. % 2017 Labor Force, resident (000s) 1, , ,933.1 Employed (000s) 1, , ,836.6 Unemployed (000s) Unemployment Rate (%) Labor Force Participation Rate (%) Employment-Population Ratio (%) Average Weekly Initial Claims 3,625 3, ,849 Avg. Insured Unemp. Rate (%) Q Q Q 2017 U-6 Rate (%) Sources: Connecticut Department of Labor; U.S. Bureau of Labor Statistics Jun (Not seasonally adjusted) NO. % Production Worker Avg Wkly Hours Prod. Worker Avg Hourly Earnings Prod. Worker Avg Weekly Earnings 1, , , CT Mfg. Prod. Index, NSA (2009=100) Production Worker Hours (000s) 3,829 3, , Industrial Electricity Sales (mil kwh)* CT Mfg. Prod. Index, SA (2009=100) Sources: Connecticut Department of Labor; U.S. Department of Energy *Latest two months are forecasted. Personal income for first quarter 2018 is forecasted to increase 2.8 percent from a year earlier. INCOME (Seasonally adjusted) 1Q* 1Q CHANGE 4Q* (Annualized; $ Millions) NO. % 2017 Personal Income $263,523 $256,225 7, $261,679 UI Covered Wages $114,357 $112,246 2, $113,825 Source: Bureau of Economic Analysis *Forecasted by Connecticut Department of Labor 6 THE CONNECTICUT ECONOMIC DIGEST

7 ECONOMIC INDICATORS BUSINESS ACTIVITY Y/Y % YEAR TO DATE % MONTH LEVEL CHG CURRENT PRIOR CHG New Housing Permits* Aug ,953 3, Electricity Sales (mil kwh) Jul , ,252 16, Construction Contracts Index (1980=100) Aug New Auto Registrations Aug , , , Exports (Bil. $) 2Q S&P 500: Monthly Close Aug , S&P 500 Index increased over the year. STATE Sources: Connecticut Department of Economic and Community Development; U.S. Department of Energy, Energy Information Administration; Connecticut Department of Revenue Services; F.W. Dodge; Connecticut Department of Motor Vehicles; Wisertrade.org * Estimated by the Bureau of the Census BUSINESS STARTS AND TERMINATIONS Y/Y % YEAR TO DATE % MO/QTR LEVEL CHG CURRENT PRIOR CHG STARTS Secretary of the State Aug 2017 NA NA NA NA NA Department of Labor 4Q , ,325 9, TERMINATIONS Secretary of the State Aug 2017 NA NA NA NA NA Department of Labor 4Q , ,328 8, Sources: Connecticut Secretary of the State; Connecticut Department of Labor Net business formation, as measured by starts minus stops registered with the Secretary of the State, was up over the year. STATE REVENUES YEAR TO DATE Aug Aug % % (Millions of dollars) CHG CURRENT PRIOR CHG TOTAL ALL REVENUES* , , Corporate Tax Personal Income Tax , , Real Estate Conv. Tax Sales & Use Tax , , Gaming Payments** Gaming payments were up from a year ago. Sources: Connecticut Department of Revenue Services; Division of Special Revenue *Includes all sources of revenue; Only selected sources are displayed; Most July receipts are credited to the prior fiscal year and are not shown. **See page 23 for explanation. TOURISM AND TRAVEL Y/Y % YEAR TO DATE % MONTH LEVEL CHG CURRENT PRIOR CHG Occupancy Rate (%)* Aug Major Attraction Visitors** Aug , ,320,656 4,624, Air Passenger Count May 2017 NA NA NA NA NA Gaming Slots (Mil.$)*** Aug , , , Gaming slots rose over the year. Sources: Connecticut Department of Transportation, Bureau of Aviation and Ports; Connecticut Commission on Culture and Tourism; Division of Special Revenue *STR, Inc. Due to layoffs, Info Center Visitors data are no longer published. **Attraction participants expanded from 6 to 23 beginning with July 2014 data ***See page 23 for explanation THE CONNECTICUT ECONOMIC DIGEST 7

8 STATE ECONOMIC INDICATORS Compensation cost for the nation rose 2.4 percent over the year. EMPLOYMENT COST INDEX Seasonally Adjusted Not Seasonally Adjusted Private Industry Workers Jun Mar 3-Mo Jun Jun 12-Mo (Dec = 100) % Chg % Chg UNITED STATES TOTAL Wages and Salaries Benefit Costs NORTHEAST TOTAL Wages and Salaries Source: U.S. Department of Labor, Bureau of Labor Statistics U.S. inflation rate was up by 1.9 percent over the year. CONSUMER NEWS % CHANGE (Not seasonally adjusted) MO/QTR LEVEL Y/Y P/P* CONSUMER PRICES CPI-U ( =100) U.S. City Average Aug Purchasing Power of $ ( =$1.00) Aug Northeast Region Aug NY-Northern NJ-Long Island Aug Boston-Brockton-Nashua** Jul CPI-W ( =100) U.S. City Average Aug Sources: U.S. Department of Labor, Bureau of Labor Statistics; The Conference Board *Change over prior monthly or quarterly period **The Boston CPI can be used as a proxy for New England and is measured every other month. Conventional mortgage rate fell to 3.88 percent over the month. INTEREST RATES Aug Jul Aug (Percent) Prime Federal Funds Month Treasury Bill Month Treasury Bill Year Treasury Note Year Treasury Note Year Treasury Note Year Treasury Note Year Treasury Note Year Treasury Note Conventional Mortgage Sources: Federal Reserve; Federal Home Loan Mortgage Corp. 8 THE CONNECTICUT ECONOMIC DIGEST

9 COMPARATIVE REGIONAL DATA STATE NONFARM EMPLOYMENT (Seasonally adjusted; 000s) NO. % 2017 Connecticut 1, , ,691.1 Maine Massachusetts 3, , ,620.4 New Hampshire New Jersey 4, , ,129.2 New York 9, , ,547.8 Pennsylvania 5, , ,961.7 Rhode Island Vermont United States 146, , , ,574.0 All nine states in the region gained jobs over the year. Source: U.S. Department of Labor, Bureau of Labor Statistics LABOR FORCE (Seasonally adjusted) NO. % 2017 Connecticut 1,923,206 1,891,278 31, ,933,117 Maine 704, ,043 10, ,650 Massachusetts 3,680,435 3,586,562 93, ,697,674 New Hampshire 752, ,008 2, ,897 New Jersey 4,515,732 4,513,965 1, ,514,605 New York 9,657,974 9,536, , ,680,247 Pennsylvania 6,428,365 6,450,125-21, ,457,527 Rhode Island 556, ,539 3, ,010 Vermont 344, , ,837 United States 160,571, ,508,000 1,063, ,494,000 Seven states posted increases in the labor force from last year. Source: U.S. Department of Labor, Bureau of Labor Statistics UNEMPLOYMENT RATES Aug Aug Jul (Seasonally adjusted) CHANGE 2017 Connecticut Maine Massachusetts New Hampshire New Jersey New York Pennsylvania Rhode Island Vermont United States Eight states showed a decrease in its unemployment rate over the year. Source: U.S. Department of Labor, Bureau of Labor Statistics THE CONNECTICUT ECONOMIC DIGEST 9

10 STATE ECONOMIC INDICATOR TRENDS TOTAL NONFARM EMPLOYMENT, SA, 000s Month ,740 1,700 1,660 1,620 1,580 1,540 1, Jan 1, , ,684.0 Feb 1, , ,684.1 Mar 1, , ,684.7 Apr 1, , ,681.6 May 1, , ,687.2 Jun 1, , ,692.8 Jul 1, , ,691.1 Aug 1, , ,687.2 Sep 1, ,681.4 Oct 1, ,679.2 Nov 1, ,678.2 Dec 1, ,677.5 UNEMPLOYMENT RATE, SA, % Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec LABOR FORCE, SA, 000s Month Jan 1, ,892.2 Feb 1, ,901.4 Mar 1, ,911.7 Apr 1, ,922.5 May 1, ,929.1 Jun 1, ,933.1 Jul 1, ,933.1 Aug 1, ,923.2 Sep 1, Oct 1, Nov 1, Dec 1, AVERAGE WEEKLY INITIAL CLAIMS, SA Month ,000 8,000 7,000 6,000 5,000 4,000 3,000 2, Jan 4,100 3,488 3,496 Feb 4,072 3,702 3,341 Mar 4,021 3,774 4,691 Apr 4,086 3,838 3,483 May 3,772 3,911 3,974 Jun 4,055 4,894 4,182 Jul 3,940 3,750 3,849 Aug 3,945 3,906 3,625 Sep 3,787 4,057 Oct 3,719 3,852 Nov 3,648 3,844 Dec 3,713 3, THE CONNECTICUT ECONOMIC DIGEST

11 ECONOMIC INDICATOR TRENDS STATE REAL AVG MFG HOURLY EARNINGS, NSA, $ Month Jan $10.79 $11.74 $10.52 Feb $10.79 $11.76 $ Mar $10.89 $11.83 $10.22 Apr $11.00 $11.82 $ May $10.71 $12.01 $10.25 Jun $10.81 $11.68 $ Jul $10.80 $11.62 $10.81 Aug $11.12 $11.34 $ Sep $11.29 $11.03 Oct $11.34 $ Nov $11.54 $ Dec $11.78 $10.60 AVG MANUFACTURING WEEKLY HOURS, NSA Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CT MFG PRODUCTION INDEX (NSA, 12 MMA, 2009=100) Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec SECRETARY OF STATE'S NET BUSINESS STARTS, 12MMA Month ,900 1,700 1,500 1,300 1, Jan 1,238 1,153 1,370 Feb 1,256 1,163 1,375 Mar 1,165 1,242 1,305 Apr 1,097 1,315 1,257 May 1,054 1,324 1,289 Jun 1,065 1,285 1,325 Jul 1,067 1,294 1,300 Aug 1,073 1,329 Sep 1,061 1,339 Oct 1,063 1,322 Nov 1,080 1,347 Dec 1,133 1,344 THE CONNECTICUT ECONOMIC DIGEST 11

12 STATE NONFARM EMPLOYMENT ESTIMATES CONNECTICUT Not Seasonally Adjusted NO. % 2017 TOTAL NONFARM EMPLOYMENT 1,681,100 1,671,700 9, ,693,600 TOTAL PRIVATE 1,463,000 1,450,200 12, ,476,100 GOODS PRODUCING INDUSTRIES 221, , ,600 CONSTRUCTION, NAT. RES. & MINING. 62,600 63, ,300 MANUFACTURING 158, ,400 1, ,300 Durable Goods 123, , ,600 Fabricated Metal 29,200 29, ,500 Machinery 13,300 13, ,400 Computer and Electronic Product 11,000 11, ,000 Transportation Equipment ,700 42,400 2, ,400 Aerospace Product and Parts 28,800 28, ,700 Non-Durable Goods 35,000 33,900 1, ,700 Chemical 7,400 7, ,900 SERVICE PROVIDING INDUSTRIES 1,459,900 1,451,200 8, ,472,000 TRADE, TRANSPORTATION, UTILITIES.. 294, ,200 1, ,300 Wholesale Trade 63,400 63, ,700 Retail Trade 181, ,000-2, ,200 Motor Vehicle and Parts Dealers 21,500 21, ,600 Building Material 15,500 15, ,800 Food and Beverage Stores 44,200 44, ,300 General Merchandise Stores 29,200 28, ,400 Transportation, Warehousing, & Utilities 49,900 46,200 3, ,400 Utilities 5,600 5, ,500 Transportation and Warehousing 44,300 40,600 3, ,900 INFORMATION 31,900 33,000-1, ,000 Telecommunications 8,400 8, ,400 FINANCIAL ACTIVITIES 132, ,100 1, ,600 Finance and Insurance 111, ,500 1, ,300 Credit Intermediation and Related 24,800 25, ,100 Financial Investments and Related 27,100 26, ,300 Insurance Carriers & Related Activities 59,800 59, ,900 Real Estate and Rental and Leasing 21,100 20, ,300 PROFESSIONAL & BUSINESS SERVICES 219, , ,000 Professional, Scientific 98,700 97,000 1, ,900 Legal Services 12,600 12, ,800 Computer Systems Design 25,500 26, ,600 Management of Companies 31,200 33,100-1, ,400 Administrative and Support 89,700 90, ,700 Employment Services 27,200 28,400-1, ,500 EDUCATION AND HEALTH SERVICES 326, ,300 3, ,600 Educational Services 58,300 56,800 1, ,700 Health Care and Social Assistance 268, ,500 1, ,900 Hospitals 59,100 58, ,200 Nursing & Residential Care Facilities 63,200 62, ,000 Social Assistance 55,600 56,700-1, ,100 LEISURE AND HOSPITALITY 166, ,100 3, ,400 Arts, Entertainment, and Recreation 34,500 33,100 1, ,300 Accommodation and Food Services 132, ,000 2, ,100 Food Serv., Restaurants, Drinking Places 118, ,500 2, ,500 OTHER SERVICES 69,600 65,900 3, ,600 GOVERNMENT 218, ,500-3, ,500 Federal Government 17,900 17, ,900 State Government. 61,200 63,200-2, ,300 Local Government** 139, ,500-1, ,300 Current month s data are preliminary. Prior months data have been revised. All data are benchmarked to March *Total excludes workers idled due to labor-management disputes. **Includes Indian tribal government employment 12 THE CONNECTICUT ECONOMIC DIGEST

13 NONFARM EMPLOYMENT ESTIMATES LMA BRIDGEPORT - STAMFORD LMA Not Seasonally Adjusted NO. % 2017 TOTAL NONFARM EMPLOYMENT 414, ,200 2, ,800 TOTAL PRIVATE 372, ,600 2, ,100 GOODS PRODUCING INDUSTRIES 42,000 42, ,000 CONSTRUCTION, NAT. RES. & MINING. 13,100 13, ,000 MANUFACTURING 28,900 29, ,000 Durable Goods 22,600 23, ,700 SERVICE PROVIDING INDUSTRIES 372, ,600 2, ,800 TRADE, TRANSPORTATION, UTILITIES.. 69,100 70,100-1, ,000 Wholesale Trade 13,500 13, ,600 Retail Trade 45,700 47,500-1, ,100 Transportation, Warehousing, & Utilities 9,900 9, ,300 INFORMATION 12,700 13, ,700 FINANCIAL ACTIVITIES 44,000 41,400 2, ,300 Finance and Insurance 37,300 34,600 2, ,300 Credit Intermediation and Related 8,800 9, ,800 Financial Investments and Related 17,600 17, ,600 PROFESSIONAL & BUSINESS SERVICES 63,600 68,800-5, ,600 Professional, Scientific 30,500 30, ,000 Administrative and Support 23,100 25,500-2, ,500 EDUCATION AND HEALTH SERVICES 73,200 71,200 2, ,000 Health Care and Social Assistance 62,000 60,200 1, ,300 LEISURE AND HOSPITALITY 48,800 45,300 3, ,900 Accommodation and Food Services 36,300 32,500 3, ,300 OTHER SERVICES 19,400 18,200 1, ,600 GOVERNMENT 41,700 41, ,700 Federal 2,400 2, ,500 State & Local 39,300 39, ,200 DANBURY LMA Not Seasonally Adjusted NO. % 2017 TOTAL NONFARM EMPLOYMENT 78,800 78, ,700 TOTAL PRIVATE 69,700 69, ,100 GOODS PRODUCING INDUSTRIES 12,300 12, ,400 SERVICE PROVIDING INDUSTRIES 66,500 65, ,300 TRADE, TRANSPORTATION, UTILITIES.. 17,100 17, ,400 Retail Trade 12,300 13, ,300 PROFESSIONAL & BUSINESS SERVICES 9,500 9, ,600 LEISURE AND HOSPITALITY 7,900 7, ,000 GOVERNMENT 9,100 9, ,600 Federal State & Local 8,400 8, ,900 Current month s data are preliminary. Prior months data have been revised. All data are benchmarked to March *Total excludes workers idled due to labor-management disputes. THE CONNECTICUT ECONOMIC DIGEST 13

14 LMA NONFARM EMPLOYMENT ESTIMATES HARTFORD LMA Not Seasonally Adjusted NO. % 2017 TOTAL NONFARM EMPLOYMENT 566, ,000 3, ,300 TOTAL PRIVATE 491, ,700 5, ,300 GOODS PRODUCING INDUSTRIES 78,800 78, ,600 CONSTRUCTION, NAT. RES. & MINING. 22,000 21, ,600 MANUFACTURING 56,800 56, ,000 Durable Goods 46,800 46, ,900 Non-Durable Goods 10,000 9, ,100 SERVICE PROVIDING INDUSTRIES 487, ,000 2, ,700 TRADE, TRANSPORTATION, UTILITIES.. 89,700 88,400 1, ,800 Wholesale Trade 18,500 18, ,900 Retail Trade 54,900 55, ,100 Transportation, Warehousing, & Utilities 16,300 14,800 1, ,800 Transportation and Warehousing 15,400 13,800 1, ,900 INFORMATION 11,400 11, ,400 FINANCIAL ACTIVITIES 57,200 58, ,800 Depository Credit Institutions 6,100 6, ,200 Insurance Carriers & Related Activities 36,500 37,500-1, ,100 PROFESSIONAL & BUSINESS SERVICES 76,700 73,400 3, ,900 Professional, Scientific 35,200 34, ,400 Management of Companies 10,200 10, ,300 Administrative and Support 31,300 28,600 2, ,200 EDUCATION AND HEALTH SERVICES 106, ,900 1, ,700 Educational Services 12,600 11,400 1, ,900 Health Care and Social Assistance 93,800 93, ,800 Ambulatory Health Care 31,100 31, ,400 LEISURE AND HOSPITALITY 48,000 49,200-1, ,900 Accommodation and Food Services 38,700 40,000-1, ,900 OTHER SERVICES 22,800 22, ,200 GOVERNMENT 75,200 77,300-2, ,000 Federal 5,400 5, ,400 State & Local 69,800 72,000-2, ,600 SEASONALLY ADJUSTED TOTAL NONFARM EMPLOYMENT Seasonally Adjusted Labor Market Areas NO. % 2017 BRIDGEPORT-STAMFORD LMA 412, , ,400 DANBURY LMA 79,700 79, ,900 HARTFORD LMA 573, ,900 2, ,600 NEW HAVEN LMA 284, ,200 1, ,700 NORWICH-NEW LONDON LMA 130, ,700 1, ,100 WATERBURY LMA 66,500 67, ,100 ENFIELD LMA** 44,600 44, ,800 TORRINGTON-NORTHWEST LMA** 32,500 32, ,900 DANIELSON-NORTHEAST LMA** 27,000 27, ,100 Current month s data are preliminary. Prior months data have been revised. All data are benchmarked to March *Total excludes workers idled due to labor-management disputes ** Unofficial seasonally adjusted estimates produced by the Connecticut Department of Labor 14 THE CONNECTICUT ECONOMIC DIGEST

15 NONFARM EMPLOYMENT ESTIMATES LMA NEW HAVEN LMA Not Seasonally Adjusted NO. % 2017 TOTAL NONFARM EMPLOYMENT 279, ,100 3, ,400 TOTAL PRIVATE 248, ,200 3, ,400 GOODS PRODUCING INDUSTRIES 34,700 35, ,900 CONSTRUCTION, NAT. RES. & MINING. 11,700 11, ,700 MANUFACTURING 23,000 23, ,200 Durable Goods 16,600 17, ,700 SERVICE PROVIDING INDUSTRIES 244, ,100 3, ,500 TRADE, TRANSPORTATION, UTILITIES.. 51,300 50, ,600 Wholesale Trade 11,600 11, ,700 Retail Trade 30,300 30, ,300 Transportation, Warehousing, & Utilities 9,400 9, ,600 INFORMATION 3,100 3, ,100 FINANCIAL ACTIVITIES 12,800 12, ,800 Finance and Insurance 8,900 8, ,900 PROFESSIONAL & BUSINESS SERVICES 31,100 30, ,500 Administrative and Support 14,500 14, ,400 EDUCATION AND HEALTH SERVICES 76,100 76, ,400 Educational Services 26,200 26, ,000 Health Care and Social Assistance 49,900 49, ,400 LEISURE AND HOSPITALITY 27,400 26,000 1, ,300 Accommodation and Food Services 22,300 21, ,700 OTHER SERVICES 11,700 10, ,800 GOVERNMENT 31,300 30, ,000 Federal 4,900 4, ,900 State & Local 26,400 26, ,100 Current month s data are preliminary. Prior months data have been revised. All data are benchmarked to March *Total excludes workers idled due to labor-management disputes. **Value less than 50 HELP WANTED ONLINE CT Online Labor Demand Fell 900 in August 2017 The Conference Board s Help Wanted OnLine (HWOL) data reported that there were 65,400 advertisements for Connecticutbased jobs in August 2017, a 1.4 percent decrease over the month and a 6.2 percent decrease over the year. There were 3.38 advertised vacancies for every 100 persons in Connecticut s labor force, while nationally it was 2.79 percent. Among the New England states, Massachusetts had the highest labor demand rate (3.57), while Maine had the lowest rate (2.51). Aug Aug Jul (Seasonally adjusted) CT Vacancies (000s) Hartford Vac. (000s) Labor Demand Rate * Connecticut United States Maine Massachusetts New Hampshire Rhode Island Vermont * A percent of advertised vacancies per 100 persons in labor force Source: The Conference Board The Conference Board Help Wanted OnLine Data Series (HWOL) measures the number of new, first-time online jobs and jobs reposted from the previous month for over 16,000 Internet job boards, corporate boards and smaller job sites that serve niche markets and smaller geographic areas. Background information and technical notes and discussion of revisions to the series are available at: THE CONNECTICUT ECONOMIC DIGEST 15

16 LMA NONFARM EMPLOYMENT ESTIMATES NORWICH-NEW LONDON- WESTERLY, CT-RI LMA Not Seasonally Adjusted NO. % 2017 TOTAL NONFARM EMPLOYMENT 131, , ,800 TOTAL PRIVATE 101,500 99,600 1, ,000 GOODS PRODUCING INDUSTRIES 22,000 20,900 1, ,800 CONSTRUCTION, NAT. RES. & MINING. 4,600 4, ,500 MANUFACTURING 17,400 16, ,300 Durable Goods 14,100 13, ,000 Non-Durable Goods 3,300 3, ,300 SERVICE PROVIDING INDUSTRIES 109, , ,000 TRADE, TRANSPORTATION, UTILITIES.. 23,700 22, ,000 Wholesale Trade 2,600 2, ,600 Retail Trade 16,800 16, ,900 Transportation, Warehousing, & Utilities 4,300 3, ,500 INFORMATION 1,100 1, ,100 FINANCIAL ACTIVITIES 2,800 2, ,900 PROFESSIONAL & BUSINESS SERVICES 8,800 8, ,900 EDUCATION AND HEALTH SERVICES 20,400 20, ,300 Health Care and Social Assistance 18,200 18, ,100 LEISURE AND HOSPITALITY 18,800 19, ,100 Accommodation and Food Services 15,500 15, ,700 Food Serv., Restaurants, Drinking Places 13,200 13, ,300 OTHER SERVICES 3,900 3, ,900 GOVERNMENT 29,600 30,600-1, ,800 Federal 2,800 2, ,800 State & Local** 26,800 27,800-1, ,000 WATERBURY LMA Not Seasonally Adjusted NO. % 2017 TOTAL NONFARM EMPLOYMENT 66,000 66, ,200 TOTAL PRIVATE 57,000 57, ,800 GOODS PRODUCING INDUSTRIES 10,300 10, ,400 CONSTRUCTION, NAT. RES. & MINING. 2,700 2, ,700 MANUFACTURING 7,600 7, ,700 SERVICE PROVIDING INDUSTRIES 55,700 55, ,800 TRADE, TRANSPORTATION, UTILITIES.. 12,800 12, ,800 Wholesale Trade 2,100 2, ,100 Retail Trade 9,000 9, ,000 Transportation, Warehousing, & Utilities 1,700 1, ,700 INFORMATION FINANCIAL ACTIVITIES 1,900 2, ,000 PROFESSIONAL & BUSINESS SERVICES 4,900 5, ,300 EDUCATION AND HEALTH SERVICES 17,500 17, ,500 Health Care and Social Assistance 15,900 15, ,000 LEISURE AND HOSPITALITY 6,100 6, ,300 OTHER SERVICES 2,900 2, ,900 GOVERNMENT 9,000 8, ,400 Federal State & Local 8,500 8, ,900 Current month s data are preliminary. Prior months data have been revised. All data are benchmarked to March *Total excludes workers idled due to labor-management disputes. **Includes Indian tribal government employment. 16 THE CONNECTICUT ECONOMIC DIGEST

17 NONFARM EMPLOYMENT ESTIMATES LMA SMALLER LMAS* Not Seasonally Adjusted NO. % 2017 TOTAL NONFARM EMPLOYMENT ENFIELD LMA 44,400 44, ,700 TORRINGTON-NORTHWEST LMA 33,100 33, ,800 DANIELSON-NORTHEAST LMA 27,200 27, ,000 NOTE: More industry detail data is available for the State and its nine labor market areas at: The data published there differ from the data in the preceding tables in that they are developed from a near-universe count of Connecticut employment covered by the unemployment insurance (UI) program, while the data here is sample-based. The data drawn from the UI program does not contain estimates of employment not covered by unemployment insurance, and is lagged several months behind the current employment estimates presented here. * State-designated Non-CES areas For further information on these nonfarm employment estimates contact Lincoln Dyer at (860) SPRINGFIELD, MA-CT NECTA** Not Seasonally Adjusted NO. % 2017 TOTAL NONFARM EMPLOYMENT 334, ,400 4, ,400 TOTAL PRIVATE 275, ,400 4, ,600 GOODS PRODUCING INDUSTRIES 41,600 41, ,700 CONSTRUCTION, NAT. RES. & MINING. 12,900 12, ,100 MANUFACTURING 28,700 28, ,600 Durable Goods 19,600 19, ,600 Non-Durable Goods 9,100 9, ,000 SERVICE PROVIDING INDUSTRIES 292, ,400 4, ,700 TRADE, TRANSPORTATION, UTILITIES.. 60,800 59,100 1, ,000 Wholesale Trade 11,600 11, ,600 Retail Trade 36,000 34,900 1, ,200 Transportation, Warehousing, & Utilities 13,200 12, ,200 INFORMATION 3,400 3, ,400 FINANCIAL ACTIVITIES 17,100 17, ,200 Finance and Insurance 13,600 13, ,600 Insurance Carriers & Related Activities 9,000 9, ,000 PROFESSIONAL & BUSINESS SERVICES 29,000 26,900 2, ,000 EDUCATION AND HEALTH SERVICES 79,200 78, ,100 Educational Services 12,200 13,300-1, ,000 Health Care and Social Assistance 67,000 65,600 1, ,100 LEISURE AND HOSPITALITY 30,700 31, ,600 OTHER SERVICES 13,600 13, ,600 GOVERNMENT 58,800 58, ,800 Federal 5,900 6, ,000 State & Local 52,900 51,900 1, ,800 Current month s data are preliminary. Prior months data have been revised. All data are benchmarked to March *Total excludes workers idled due to labor-management disputes. ** New England City and Town Area THE CONNECTICUT ECONOMIC DIGEST 17

18 LMA LABOR FORCE ESTIMATES EMPLOYMENT (Not seasonally adjusted) STATUS NO. % 2017 CONNECTICUT Civilian Labor Force 1,919,400 1,907,000 12, ,966,200 Employed 1,832,000 1,808,100 23, ,867,800 Unemployed 87,400 99,000-11, ,500 Unemployment Rate BRIDGEPORT-STAMFORD LMA Civilian Labor Force 475, ,800 2, ,500 Employed 454, ,100 5, ,600 Unemployed 21,200 23,700-2, ,900 Unemployment Rate DANBURY LMA Civilian Labor Force 109, ,300 1, ,900 Employed 105, ,600 1, ,200 Unemployed 4,100 4, ,600 Unemployment Rate DANIELSON-NORTHEAST LMA Civilian Labor Force 44,100 43, ,800 Employed 42,100 41, ,600 Unemployed 2,000 2, ,300 Unemployment Rate ENFIELD LMA Civilian Labor Force 50,800 50, ,600 Employed 48,600 47,600 1, ,200 Unemployed 2,200 2, ,500 Unemployment Rate HARTFORD LMA Civilian Labor Force 623, ,000 3, ,400 Employed 594, ,100 7, ,800 Unemployed 29,100 32,900-3, ,600 Unemployment Rate NEW HAVEN LMA Civilian Labor Force 327, ,000 3, ,800 Employed 312, ,000 5, ,700 Unemployed 15,100 17,000-1, ,100 Unemployment Rate NORWICH-NEW LONDON LMA Civilian Labor Force 145, , ,000 Employed 139, ,500 1, ,900 Unemployed 6,200 7,500-1, ,100 Unemployment Rate TORRINGTON-NORTHWEST LMA Civilian Labor Force 47,700 47, ,800 Employed 45,700 45, ,500 Unemployed 2,000 2, ,300 Unemployment Rate WATERBURY LMA Civilian Labor Force 111, , ,700 Employed 105, , ,900 Unemployed 6,300 7, ,900 Unemployment Rate UNITED STATES Civilian Labor Force 160,863, ,800,000 1,063, ,911,000 Employed 153,576, ,804,000 1,772, ,470,000 Unemployed 7,287,000 7,996, , ,441,000 Unemployment Rate Current month s data are preliminary. Prior months data have been revised. All data are benchmarked to March THE CONNECTICUT ECONOMIC DIGEST

19 HOURS AND EARNINGS LMA AVG WEEKLY EARNINGS AVG WEEKLY HOURS AVG HOURLY EARNINGS Aug CHG Jul Aug CHG Jul Aug CHG Jul (Not seasonally adjusted) Y/Y Y/Y Y/Y 2017 PRODUCTION WORKER MANUFACTURING $1, $1, $79.63 $1, $24.99 $ $1.65 $25.80 DURABLE GOODS 1, , , NON-DUR. GOODS , CONSTRUCTION 1, , , ALL EMPLOYEES STATEWIDE TOTAL PRIVATE 1, , , GOODS PRODUCING 1, , , Construction 1, , , Manufacturing 1, , , SERVICE PROVIDING 1, , Trade, Transp., Utilities Financial Activities 1, , , Prof. & Business Serv. 1, , , Education & Health Ser Leisure & Hospitality Other Services LABOR MARKET AREAS: TOTAL PRIVATE Bridgeport-Stamford 1, , , Danbury Hartford 1, , , New Haven , Norwich-New London Waterbury Current month s data are preliminary. Prior months data have been revised. All data are benchmarked to March BUSINESS AND EMPLOYMENT CHANGES ANNOUNCED IN THE NEWS MEDIA West Hartford boutique hotel unveiled Boutique luxury hotel owner Delamar is preparing to debut its brand in West Hartford. Slated to open at 1 Memorial Road in the shadow of Blue Back Square, the hotel features 114 rooms and suites built to LEED gold standards, with amenities that include dining, a spa, and private event space that can hold up to 400 guests. Biohaven chooses New Haven downtown for headquarters Newly public Bio-tech holding company, Biohaven, has chosen a high profile former bank building in the city's Central Business District for its new headquarters. The 11,500-square foot free standing building is at 215 Church Street. Henkel opens headquarters-operations center in Stamford Consumer goods multinational Henkel opened its North American headquarters in Stamford. Henkel has relocated its laundry, beauty and home-care divisions from Scottsdale, Ariz., to a 155,000-square-foot hub on three floors in the BLT Financial Centre, at 200 Elm St. The company is starting with a contingent of about 425, with plans to expand to more than 500 in Benny's to close all its 31 stores in southern New England The Bromberg family, which owns the chain, is retiring. The company says the decision to close was "strongly influenced by the changing face of retailing today and the dominance of online retailers like Amazon and others." The 93-year-old chain has 715 employees that will lose their jobs in Rhode Island, Massachusetts and Connecticut. THE CONNECTICUT ECONOMIC DIGEST 19