HARTFORD, Conn. (WTNH) — A revised report on Connecticut’s economy gives a bleak picture, with one economist calling it a “kick in the teeth.”
Despite the robust job numbers released by the state Labor Department for the month of May, this report from the UConn Center for Economic Analysis says revised statistics from the federal government show that the state’s economic growth over the past four years has apparently disappeared, and the outlook for the state is bad.
“It’s quite grim,” said Fred Carstensen of the UConn Center for Economic Analysis. “We think that the output of the economy will grow some, but we actually think there’s a real danger that we’re going to lose jobs in Connecticut and it’s going to hinge critically on the decisions that are made in the special session.”
The center says that the tax hikes the legislature approved earlier in June could further stall economic growth. The Governor says there is consensus among legislative leaders to cutback some of those business tax hikes when lawmakers return to Hartford.