January Disappoints Job Seekers

After much optimism voiced by economists and news outlets at the end of last year expectations of job seekers are running high. So far the job market has not delivered. Job postings in Connecticut dropped 3.7% compared to December. Employers kept dumping job openings during the first two weeks of January. Then volume increased significantly during the second half of the month. At the end the balance for Connecticut stayed in negative territory. 

Other job markets had better results yet performed below expectations. Labor demand in the New York Metro area grew 3.4% as well as in New Jersey. The labor market in Massachusetts remained unchanged. The national average shows a 1.0% gain over December which is disappointing.

Following an annual pattern job openings should increase in February and March. Given the depth of the recession the bounce back should be even stronger pronounced than in good times. The growing job market during the second half of January keeps some optimism alive.

The Connecticut the Department of Labor reported that in December payroll in the state had increased by 5,300 jobs compared to a year ago. (CT DOL numbers were preliminary as of this writing).

Connecticut Job Openings (estimate). Source: SkillPROOF Inc.

Job Market % (prv mth) % (YoY)
US 1.0% 46.9%
Connecticut -3.7% 42.1%
New York Metro 3.4% 48.6%
Massachusetts 0.0% 49.2%
New Jersey 3.4% 49.4%