Desperate? Malloy Celebrated Q3 2017 Growth This Week. The State Lost 5,600 Jobs in Q3 2017.January 25, 2018
The governor celebrated 2017 third-quarter growth of 3.9 percent on Wednesday. The full picture? The state lost a net 5,600 jobs in that quarter.
Gov. Dan Malloy (D-Conn.) issued a terse and self-congratulatory statement on Wednesday after the U.S. Department of Commerce announced Connecticut’s economy grew at 3.9-percent clip in the third quarter of 2017.
“Connecticut is home to some of the brightest minds, most innovative businesses, and top-ranked universities in the country. Today’s news from the U.S. Department of Commerce is a testament to the strength and productivity of our labor force, and the ceaseless tenacity of our business community. We certainly welcome being ranked one of the fastest growing economies in the nation, but do so with a recognition that we must work even harder to fight for every job and continue to grow our economy in the long-term.”
The third quarter of 2017 ran from July 1, 2017 through September 30, 2017.
Malloy is right: Connecticut’s economy grew at 3.9 percent in the third quarter. That’s a good sign. New York’s economy grew at 4.0 percent, and Texas’s economy grew at 5.0 percent, also good signs.
But Malloy is not telling the full story: Connecticut also lost 5,600 jobs in that quarter.
Reclaim Connecticut previously reported on the job loss. The state lost 1,700 jobs in July 2017, lost 4,200 jobs in August 2017, and gained only 300 jobs in September 2017.
- July 2017: 1,691,100 (-1,700 jobs)
- August 2017: 1,686,900 (-4,200 jobs)
- September 2017: 1,687,200 (+300 jobs)
Add it up, and it’s a net loss of 5,600 jobs in the third quarter.
Malloy may want to sell the image that Connecticut’s economy is doing fine. But the 5,600 less people employed in the third quarter may beg to differ.
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