Professional Documents
Culture Documents
ECONOMIC DIGEST
Vol.3 No.4 A joint publication of the Connecticut Department of Labor & the Connecticut Department of Economic and Community Development
-Continued on page 4-
The annual housing permit report for 1996 is available from the Department of Economic and Community Devel-
opment. To obtain a copy, please call (860) 270-8165 or fax requests to (860) 270-8188.
Peak
100 02/89
100
95
80 Peak
03/80 Trough
90 06/92
60 Peak Trough
Peak
85 05/74 01/83
12/69
40
80
Trough
Trough
10/71 09/75
75 20
70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98
The distance from peak to trough, indicated by the shaded areas, measures the duration of an employment cycle recession. The vertical scale in
both charts is an index with 1987=100.
Source: Connecticut Center for Economic Analysis, University of Connecticut. Developed by Pami Dua [(203) 461-6644,
Stamford Campus (on leave)] and Stephen M. Miller [(860) 486-3853, Storrs Campus]. Kathryn E. Parr [(860) 486-0485, Storrs
Campus] provided research support.
Connecticut's unemploy-
UNEMPLOYMENT RATES
ment rate remained
FEB FEB JAN
(Seasonally adjusted) 1998 1997 CHANGE 1998 below the national rate
Connecticut 3.8 5.5 -1.7 3.8 in February. New York's
Maine 4.5 5.4 -0.9 5.0 6.2 percent was the
Massachusetts 3.3 4.0 -0.7 3.6
New Hampshire 2.8 3.3 -0.5 2.7 highest rate in the
New Jersey 5.0 5.3 -0.3 4.9 region.
New York 6.2 6.5 -0.3 6.0
Pennsylvania 4.7 5.3 -0.6 4.6
Rhode Island 4.8 5.4 -0.6 4.8
Vermont 3.5 4.2 -0.7 3.6
United States 4.6 5.3 -0.7 4.7
Source: U.S. Department of Labor, Bureau of Labor Statistics
1,600
May 1,581.5 1,609.3
1,550 Jun 1,583.9 1,611.1
Jul 1,580.7 1,611.9
1,500
Aug 1,588.9 1,616.1
1,450 Sep 1,586.7 1,621.7
Oct 1,598.2 1,627.2
1,400
Nov 1,600.4 1,634.6
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98
Dec 1,601.9 1,642.6
1,750
May 1,719.2 1,721.0
1,700 Jun 1,721.5 1,721.7
Jul 1,721.0 1,722.0
1,650
Aug 1,722.4 1,722.9
1,600 Sep 1,722.0 1,723.9
Oct 1,727.1 1,725.7
1,550
Nov 1,726.9 1,726.6
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98
Dec 1,726.1 1,728.2
AVERAGE WEEKLY INITIAL CLAIMS (Seasonally adjusted) Month 1996 1997 1998
Jan 4,702 3,946 3,386
9,000
Feb 4,666 3,903 3,578
8,000 Mar 4,192 4,012
7,000 Apr 4,250 4,326
6,000 May 4,374 3,768
Jun 4,211 4,100
5,000
Jul 4,355 3,621
4,000 Aug 4,223 3,799
3,000 Sep 4,194 3,629
Oct 4,193 3,503
2,000
Nov 3,881 3,670
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98
Dec 4,383 4,178
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10
THE CONNECTICUT ECONOMIC DIGEST April 1998
ECONOMIC INDICATOR TRENDS
REAL AVG MANUFACTURING HOURLY EARNINGS (Not s easonally adjus ted) Month 1996 1997 1998
Jan $9.22 $9.09 $9.26
9.6
Feb 9.10 9.06 $9.27
9.4 Mar 9.12 9.08
1982-84 Dollars
AVG MANUFACTURING WEEKLY HOURS (Not s easonally adjus ted) Month 1996 1997 1998
Jan 39.1 42.7 42.7
45
Feb 42.6 42.1 42.9
44 Mar 43.0 42.4
43 Apr 42.0 42.5
42 May 42.7 42.4
Jun 43.0 42.5
41
Jul 42.2 41.9
40 Aug 42.6 42.0
39 Sep 43.1 43.0
38 Oct 42.9 42.8
Nov 43.2 43.1
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98
Dec 43.4 43.4
HARTFORD HELP WANTED INDEX (Seasonally adjusted) Month 1996 1997 1998
Jan 35 35 35
120
Feb 33 36 38
100 Mar 34 34
Apr 34 36
1987=100
80
May 35 36
60 Jun 36 38
40 Jul 34 35
Aug 32 34
20 Sep 35 36
0 Oct 35 35
Nov 36 37
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98
Dec 35 36
DOL NEWLY REGISTERED EMPLOYERS (12-month moving average) Month 1996 1997 1998
Jan 810 833 868
1,100 Feb 794 840 870
1,000 Mar 812 856
Apr 813 849
900
May 811 856
800 Jun 838 848
Jul 833 856
700
Aug 833 862
600 Sep 838 854
500 Oct 825 859
Nov 825 859
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98
Dec 828 852
CONSTRUCTION & MINING EMPLOYMENT (Seasonally adjusted) Month 1996 1997 1998
Jan 49.3 56.2 60.9
90
Feb 50.8 57.6 60.9
80 Mar 51.5 57.2
Apr 52.2 57.0
Thousands
TRANSPORT. & PUBLIC UTIL. EMPLOYMENT (Seasonally adjusted) Month 1996 1997 1998
Jan 72.3 74.4 75.3
80 Feb 73.0 74.4 75.8
75 Mar 73.2 74.5
Apr 73.2 75.1
Thousands
70
May 73.4 74.6
65 Jun 73.9 74.7
60 Jul 73.2 74.2
Aug 73.5 71.9
55 Sep 73.8 74.8
50 Oct 74.6 75.0
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 Nov 75.2 75.3
Dec 74.7 75.7
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12
THE CONNECTICUT ECONOMIC DIGEST April 1998
ECONOMIC INDICATOR TRENDS
SALES TAX Quarter FY 96 FY 97 FY 98
First 3.2 6.5 9.5
Year-over-year % changes
80
Second -0.2 15.4 26.0
60 Third 13.6 6.8
40 Fourth 11.4 28.1
20
0
-20
-40
-60
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98
-4
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98
Note: These economic growth rates were derived by the Office of Fiscal Analysis and were made by comparing tax collections
in each quarter with the same quarter in the previous year and were adjusted for legislative changes
Current month's dataare preliminary. Prior months' datahave been revised. All dataare benchmarkedto March 1997.
* Total excludes workers idled due to labor-management disputes. * *Includes Indian tribal government employment.
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14
THE CONNECTICUT ECONOMIC DIGEST April 1998
NONFARM EMPLOYMENT ESTIMATES
BRIDGEPORT LMA Not Seasonally Adjusted
FEB FEB CHANGE JAN
1998 1997 NO. % 1998
For further information on the Danbury Labor Market Area contact Arthur Famiglietti at (860) 566-3472.
Current month's dataare preliminary. Prior months ' datahave been revised. All dataare benchmarked to March 1997.
* Total excludes workers idled due to labor-management disputes.
For further information on the Danielson Labor Market Area contact Noreen Passardi at (860) 566-3470.
For further information on the Hartford Labor Market Area contact Arthur Famiglietti at (860) 566-3472.
Current month's dataare preliminary. Prior months' datahave been revised. All dataare benchmarkedto March 1997.
* Total excludes workers idled due to labor-management disputes.
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16
THE CONNECTICUT ECONOMIC DIGEST April 1998
NONFARM EMPLOYMENT ESTIMATES
LOWER RIVER LMA Not Seasonally Adjusted
FEB FEB CHANGE JAN
1998 1997 NO. % 1998
Current month's dataare preliminary. Prior months' datahave been revised. All dataare benchmarkedto March 1997.
* Total excludes workers idled due to labor-management disputes.
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18
THE CONNECTICUT ECONOMIC DIGEST April 1998
NONFARM EMPLOYMENT ESTIMATES
TORRINGTON LMA Not Seasonally Adjusted
FEB FEB CHANGE JAN
1998 1997 NO. % 1998
Current month's dataare preliminary. Prior months ' datahave been revised. All dataare benchmarked to March 1997.
* Total excludes workers idled due to labor-management disputes.
BRIDGEPORT LMA Civilian Labor Force 215,200 217,500 -2,300 -1.1 216,100
Employed 204,100 201,900 2,200 1.1 204,600
Unemployed 11,100 15,600 -4,500 -28.8 11,500
Unemployment Rate 5.2 7.2 -2.0 --- 5.3
DANBURY LMA Civilian Labor Force 106,600 105,500 1,100 1.0 107,800
Employed 103,500 101,200 2,300 2.3 104,500
Unemployed 3,100 4,300 -1,200 -27.9 3,300
Unemployment Rate 2.9 4.1 -1.2 --- 3.1
DANIELSON LMA Civilian Labor Force 33,100 32,600 500 1.5 33,200
Employed 30,900 30,100 800 2.7 30,900
Unemployed 2,300 2,500 -200 -8.0 2,300
Unemployment Rate 6.8 7.7 -0.9 --- 6.9
HARTFORD LMA Civilian Labor Force 577,400 584,500 -7,100 -1.2 575,600
Employed 550,800 546,200 4,600 0.8 547,600
Unemployed 26,700 38,300 -11,600 -30.3 28,000
Unemployment Rate 4.6 6.5 -1.9 --- 4.9
LOWER RIVER LMA Civilian Labor Force 12,000 11,600 400 3.4 12,100
Employed 11,600 11,000 600 5.5 11,600
Unemployed 400 600 -200 -33.3 500
Unemployment Rate 3.5 5.3 -1.8 --- 3.8
NEW HAVEN LMA Civilian Labor Force 266,800 270,300 -3,500 -1.3 266,000
Employed 255,600 253,800 1,800 0.7 254,300
Unemployed 11,300 16,400 -5,100 -31.1 11,700
Unemployment Rate 4.2 6.1 -1.9 --- 4.4
NEW LONDON LMA Civilian Labor Force 152,300 150,500 1,800 1.2 152,700
Employed 144,600 140,800 3,800 2.7 144,800
Unemployed 7,600 9,600 -2,000 -20.8 7,900
Unemployment Rate 5.0 6.4 -1.4 --- 5.2
STAMFORD LMA Civilian Labor Force 191,500 186,900 4,600 2.5 192,100
Employed 186,100 179,700 6,400 3.6 186,700
Unemployed 5,400 7,200 -1,800 -25.0 5,400
Unemployment Rate 2.8 3.9 -1.1 --- 2.8
TORRINGTON LMA Civilian Labor Force 38,000 38,100 -100 -0.3 38,300
Employed 36,500 35,900 600 1.7 36,800
Unemployed 1,600 2,100 -500 -23.8 1,600
Unemployment Rate 4.1 5.6 -1.5 --- 4.1
WATERBURY LMA Civilian Labor Force 117,500 116,200 1,300 1.1 118,600
Employed 111,300 107,800 3,500 3.2 112,400
Unemployed 6,200 8,400 -2,200 -26.2 6,200
Unemployment Rate 5.2 7.2 -2.0 --- 5.2
UNITED STATES Civilian Labor Force 136,286,000 134,535,000 1,751,000 1.3 135,951,000
Employed 129,482,000 126,887,000 2,595,000 2.0 128,882,000
Unemployed 6,804,000 7,647,000 -843,000 -11.0 7,069,000
Unemployment Rate 5.0 5.7 -0.7 --- 5.2
Current month's dataare preliminary. Prior months' datahave been revised. All dataare benchmarked to March 1997.
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20
THE CONNECTICUT ECONOMIC DIGEST April 1998
MANUFACTURING HOURS AND EARNINGS
AVG WEEKLY EARNINGS AVG WEEKLY HOURS AVG HOURLY EARNINGS
FEB CHG JAN FEB CHG JAN FEB CHG JAN
(Not s easonally adjusted) 1998 1997 Y/Y 1998 1998 1997 Y/Y 1998 1998 1997 Y/Y 1998
MANUFACTURING $630.20 $597.82 $32.38 $625.98 42.9 42.1 0.8 42.7 $14.69 $14.20 $0.49 $14.66
DURABLE GOODS 645.84 608.52 37.32 639.00 43.2 42.2 1.0 42.8 14.95 14.42 0.53 14.93
Lumber & Furniture 459.68 446.45 13.23 462.79 40.5 39.3 1.2 41.1 11.35 11.36 -0.01 11.26
Stone, Clay and Glass 612.61 541.63 70.98 596.88 44.2 40.3 3.9 43.6 13.86 13.44 0.42 13.69
Primary Metals 600.24 588.64 11.60 609.13 44.2 43.7 0.5 44.3 13.58 13.47 0.11 13.75
Fabricated Metals 595.45 568.71 26.74 585.19 42.9 42.6 0.3 42.1 13.88 13.35 0.53 13.90
Machinery 696.19 666.44 29.75 696.40 44.8 44.4 0.4 44.9 15.54 15.01 0.53 15.51
Electrical Equipment 506.72 484.74 21.98 496.13 41.5 40.7 0.8 40.8 12.21 11.91 0.30 12.16
Trans. Equipment 823.18 751.15 72.03 812.49 44.4 41.5 2.9 43.8 18.54 18.10 0.44 18.55
Instruments 589.95 565.87 24.08 591.14 41.4 41.7 -0.3 41.6 14.25 13.57 0.68 14.21
Miscellaneous Mfg 570.08 559.30 10.78 581.70 41.4 42.5 -1.1 42.0 13.77 13.16 0.61 13.85
NONDUR. GOODS 593.33 571.52 21.82 594.02 42.2 41.9 0.3 42.4 14.06 13.64 0.42 14.01
Food 534.60 511.72 22.88 535.37 44.0 44.0 0.0 44.1 12.15 11.63 0.52 12.14
Textiles 480.73 454.98 25.75 477.76 41.3 41.1 0.2 41.4 11.64 11.07 0.57 11.54
Apparel 328.23 329.95 -1.72 333.41 38.3 38.1 0.2 38.5 8.57 8.66 -0.09 8.66
Paper 712.46 680.09 32.37 707.94 45.7 45.4 0.3 46.0 15.59 14.98 0.61 15.39
Printing & Publishing 574.94 558.16 16.79 572.88 38.9 38.6 0.3 39.4 14.78 14.46 0.32 14.54
Chemicals 810.88 785.70 25.18 806.79 44.8 45.0 -0.2 44.5 18.10 17.46 0.64 18.13
Rubber & Misc. Plast. 507.28 495.18 12.10 512.74 42.7 42.0 0.7 42.8 11.88 11.79 0.09 11.98
CONSTRUCTION 783.27 758.45 24.82 763.29 40.5 40.3 0.2 39.9 19.34 18.82 0.52 19.13
LMAs AVG WEEKLY EARNINGS AVG WEEKLY HOURS AVG HOURLY EARNINGS
FEB CHG JAN FEB CHG JAN FEB CHG JAN
MANUFACTURING 1998 1997 Y/Y 1998 1998 1997 Y/Y 1998 1998 1997 Y/Y 1998
Bridgeport $652.46 $636.44 $16.02 $656.64 42.7 42.8 -0.1 43.2 $15.28 $14.87 $0.41 $15.20
Danbury 634.43 644.30 -9.87 611.71 43.1 43.8 -0.7 42.1 14.72 14.71 0.01 14.53
Danielson 466.09 463.10 2.99 476.14 39.6 40.2 -0.6 40.8 11.77 11.52 0.25 11.67
Hartford 694.38 632.10 62.28 677.68 44.2 42.0 2.2 43.0 15.71 15.05 0.66 15.76
Lower River 500.98 522.88 -21.90 506.00 39.2 41.4 -2.2 40.0 12.78 12.63 0.15 12.65
New Haven 621.58 590.24 31.34 613.82 42.4 42.1 0.3 41.7 14.66 14.02 0.64 14.72
New London 632.94 619.27 13.67 640.85 42.0 42.3 -0.3 42.3 15.07 14.64 0.43 15.15
Stamford 550.24 581.70 -31.46 554.36 39.5 42.0 -2.5 39.4 13.93 13.85 0.08 14.07
Torrington 544.85 537.14 7.71 543.98 42.5 42.8 -0.3 42.3 12.82 12.55 0.27 12.86
Waterbury 620.62 597.64 22.98 613.61 45.4 44.5 0.9 44.4 13.67 13.43 0.24 13.82
Current month's dataare preliminary. Prior months' datahave been revis ed. All dataare benchmarked to March 1997.
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22
THE CONNECTICUT ECONOMIC DIGEST April 1998
TECHNICAL NOTES
BUSINESS STARTS AND TERMINATIONS
DOL newly registered employers are those businesses newly registered with the Labor Department’s unemployment insurance program
(including reopened accounts) during the month. DOL discontinued employers are those accounts that are terminated due to inactivity (no
employees) or business closure. Registrations and terminations of business entities as recorded with the Secretary of the State are an
indication of new business formation and activity. These registrations include limited liability companies, limited liability partnerships, and
foreign-owned (out-of-state) and domestic-owned (in-state) corporations.
INITIAL CLAIMS
Average weekly initial claims are calculated by dividing the total number of new claims for unemployment insurance received in the month by
the number of weeks in the month. A minor change in methodology takes effect with data published in the March 1997 issue of the DIGEST.
Data have been revised back to January 1980.
The Bureau of Labor Statistics has identified the five towns of Canaan, Kent, North Canaan, Salisbury and Sharon as a separate area for
reporting labor force data. For the convenience of our data users, data for these towns are included in the Torrington Labor Market Area. For
the same purpose, data for the town of Thompson, which is officially part of the Worcester Metropolitan Statistical Area, are included in the
Danielson Labor Market Area. Also, data for Hopkinton and Westerly, Rhode Island are included in the New London Labor Market Area.
UI COVERED WAGES
UI covered wages is the total amount paid to those employees who are covered under the Connecticut’s Unemployment Insurance (UI) law for
services performed during the quarter. The fluctuations in the 1992-93 period reflect the effect of the changes in the tax law and the massive
restructuring in the state’s economy.
Leading Employment Index .......... +2.1 Business Activity Tourism and Travel
Coincident Employment Index...... +9.6 New Housing Permits .................. +24.4 Tourism Inquiries ............................. -7.4
Electricity Sales ............................. +4.3 Tourism Info Centers ...................... +1.4
Total Nonfarm Employment .......... +2.4 Retail Sales ................................. +10.2 Attraction Visitors ............................ -0.7
Construction Contracts Index ......... +5.3 Hotel-Motel Occupancy .................. -5.3
Unemployment .............................. -1.7* New Auto Registrations ................. -12.5 Air Passenger Count ..................... +1.1
Labor Force .................................... -0.2 Air Cargo Tons .............................. -18.7
Employed ...................................... +1.6 Employment Cost Index (U.S.)
Unemployed ................................. -31.3 Total ............................................... +3.4
Business Starts Wages & Salaries .......................... +3.9
Average Weekly Initial Claims ........ -8.3 Secretary of the State .................. +36.8 Benefit Costs ................................. +2.3
Help Wanted Index -- Hartford ....... +5.6 Dept. of Labor ............................... -22.5
Average Ins. Unempl. Rate ......... -0.36* Consumer Price Index
Business Terminations U.S. City Average ........................... +1.4
Average Weekly Hours, Mfg .......... +1.9 Secretary of the State .................. +18.6 Northeast Region ........................... +1.3
Average Hourly Earnings, Mfg ...... +3.5 Dept. of Labor ................................ +3.2 NY-NJ-Long Island ......................... +1.5
Average Weekly Earnings, Mfg ..... +5.4 Boston-Brockton-Nashua ............... +2.1
Manufacturing Output ................... +6.3 Consumer Confidence
Production Worker Hours ............... +3.2 State Tax Collections ................... +13.9 U.S. ............................................. +16.3
Productivity .................................... +3.1 Corporate Tax ................................ -13.7 New England .............................. +40.3
Personal Income Tax ...................... +9.7
Personal Income ............................ +6.0 Real Estate Conveyance Tax .......... +0.8 Interest Rates
UI Covered Wages ......................... +4.4 Sales & Use Tax ............................. +2.7 Prime .......................................... +0.25*
Conventional Mortgage ............... -0.78*
*Percentage point change; **Less than 0.05 percent; NA = Not Available
THE CONNECTICUT
ECONOMIC DIGEST
A joint publication of
The Connecticut Departments of Labor and
Economic and Community Development
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