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Durham Economist: Job Recovery Won't Happen Until 2016, At Earliest

Don Klepper-Smith says Connecticut's recovery from the recession continues to move at a slow pace.

 

Last week, the state's Department of Labor reported that unemployment in Connecticut had fallen to 8.6 percent in December.

The figure, however, doesn't account for those who are unemployed but no longer looking work, economist Don Klepper-Smith told the New Haven Register.

The Durham resident, who serves as chief economist at DataCore Partners in New Haven, said Connecticut has only recovered one-quarter of the job losses in the three-and-a-half years since the recovery began.

"Even if we were to assume a ‘robust job scenario’ of roughly 2,000 new jobs each month going forward as we did in the 1980s, we’re still not likely to see full job recovery in Connecticut until mid-2016 at the earliest," he told the paper.

Klepper-Smith tells the New London Day that the true unemployment rate in Connecticut is 14.4 percent.

Nationally, the official unemployment rate is 7.9 percent.

Kenneth W. Gronbach January 21, 2013 at 01:27 PM
The housing market in Connecticut is restoring, at this writing, as big banks are finally clearing the glut of foreclosures revealing the real market and driving home prices up. As home sales heat up, tens of thousands of Baby Boomers in Connecticut will finally be able to sell their homes and retire. This will create more jobs than we have applicants. We are going to have a talent shortage. Recruiters will have to bring in young talent from out of state. Bottom line? Connecticut's economy will be fine. Remember, economists have predicted twenty of the last five recessions. Kenneth W. Gronbach

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