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Taken together, this group of six economic indicators presents an overall picture of the current conditions in the Connecticut labor market. Current levels and the change from the previous period, as well as the year-to-year changes in the number of Nonfarm Employment, Residents Employed and Residents Unemployed, the Unemployment Rate, the size of the Labor Force, and the Average Weekly Initial Claims - the number of those filing initial, new and additional, claims for unemployment. For charts, trends and data for the six labor market economic indicators and historical totals follow the column header links or "trends" buttons. All workforce sector indicators are seasonally adjusted figures. |
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The health of the business sector will affect, among other things, the ability of firms to hire workers and, particularly in regard to businesses selling their goods and services outside the State, the ability to increase the State’s income through exports. There are several indicators that provide a picture of the business sector's vital signs. The levels, changes from the previous period and year-to-year changes of Housing Permits give not only a reading of the State’s construction sector, but also of the financial sector, particularly in terms of mortgage-lending activity, and ultimately, consumer spending on durable goods and services related to the purchase of a new house. Air Cargo Tons (Discontinued Sept 2014) and the value of Connecticut Exports (collected quarterly before 2004) gauges the ability of Connecticut businesses to compete in the world market. The Connecticut Manufacturing Production Index (CMPI) and Average Manufacturing Weekly Hours (AMWH) provide a measure of the State’s manufacturing activity, while the strength of the entertainment and tourism sectors is reflected in the Gaming Slots Revenues, Major Attraction Visitors, and Air Passenger Count. |
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Critical to the health of the National and State economies is the ability of consumers to buy the goods and services being offered for sale by businesses. In turn, consumer demand is predicated on the willingness and ability of buyers to make purchases. Signals on consumers’ ability to buy are usually found in the levels, changes from the previous period, and year-to-year changes, of Quarterly Personal Income, and Quarterly Wages and Salaries, and in the Prime Rate and Conventional Mortgage Rates. Their willingness is reflected in their actual behavior. That is, are they actually making purchases? The most timely indicator that sends a signal about actual consumer behavior, at the state level, is Sales Tax Revenue activity. |
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