Dec 23, 2013
06:25 AMConnecticut Today
UConn Economists Say Connecticut Economy Has 'Profound Structural Weakness'
An analysis out today from University of Connecticut economists says the state's unemployment rate of 7.6 percent is a deeply misleading statistic that hides "profound structural weakness" in the economy, according to a story on HartfordBusiness.com.
"Connecticut officials have trumpeted small drops in jobless rate since 2009, but the real reason for the improvement is that more than 64,000 people have dropped out of the labor force over that period, researchers at the school's Connecticut Center of Economic Analysis said in a report released Monday," HartfordBusiness.com says.
The online publication of the Hartford Business Journal says if those who stopped seeking employment since the second quarter of 2010 were included in the report, the unemployment rate (seasonally unadjusted) would be 10.7 percent, according to the report.
The UConn economists recommend that the state accelerate $6.5 billion in major capital projects to infuse its economy with jobs, HartfordBusiness.com says.
Meanwhile, according to AP, a spokesman for Gov. Dannel P. Malloy says that after years of stagnation, Connecticut is creating jobs in industries that are set to grow.UConn Economists Say Connecticut Economy Has 'Profound Structural Weakness'