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Connecticut Outlook: Suffering Only Small Job Losses But No Recession - Fred Carstensen - August 13, 2008

BACKGROUND: The Connecticut Center for Economic Analysis (CCEA) at the University of Connecticut "forecasts a deteriorating state employment over the next 30 months, primarily because of the continuing sharp decline in construction. Even so, the net loss of 9,500 jobs over this period argues that Connecticut will suffer mild job losses, especially compared to both previous contractions and compared to most other states."

The latest outlook report from CCEA also says that "at the same time, the total output in the Connecticut economy will continue to grow—so Connecticut will not experience a recession. And by the end of the forecast period in 2010, this Outlook anticipates growth in the Connecticut economy to accelerate." However, he notes that this short-term picture is tempured by the fact that Connecticut has had virtually no growth in jobs over the past 20 years.

AUDIO: Fred V. Carstensen, professor of economics and director of the CCEA, discusses the latest economic outlook for Connecticut.

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AUDIO DOWNLOADS/DESCRIPTION			SPEAKER INFO		HI-RES IMAGES
	Fred Carstensen the total output in the Connecticut economy will continue to grow — so Connecticut will not experience a recession. :17 seconds		Fred V. Carstensen, professor of economics and director of the Connecticut Center for Economic Analysis. CCEA website
	Cartsensen says the outlook for Connecticut is better than previously forecast because of the manufacturing sector. :18 seconds
	Carstensen says that while manufacturing is more productive, it's doing it with fewer workers. :21 seconds
	Carstensen says Connecticut will lose 9,500 jobs over the next 2 and a half years, for a total of 15 to 20 thousand over the economic cycle. :25 seconds
	Carstensen notes that there is an asterisk involved when looking at the Connecticut economy. :30 seconds
	Carstensen says that while the short term looks good, Connecticut has to consider what to do down the road . :31 seconds
	BONUS Audio: Fred Carstensen comments on the outlook for the national economy, including the continuing impact of the subprime crisis. 00:03:40
Additional Information To reach Fred Cartsensen regarding the latest CCEA Outlook report, contact David Bauman, Media Communications, at (860) 486-3530. CCEA Outlook - August 2008 (PDF)   Need Help? Comments/Questions: Email Mark J. Roy, University Communications. Telephone: (860) 486-3530. About Mark J. Roy