UConn Economists: Things Still Not Great

STORRS, Conn. (AP) _ University of Connecticut economists say the state’s economy is in a bind.

The Connecticut Economic Outlook, a quarterly report that was released on Tuesday, says the state’s economy is recovering very slowly and is lagging the performance of the U.S economy.

It says Connecticut has restored only a quarter of the jobs it lost since 2007. Unemployment in April was 8 percent and in the U.S. it was 7.5 percent, the lowest in four years.

UConn economists say Connecticut’s sluggish growth has resulted in state tax revenue that’s lower than forecast.

And they say spending cuts in the state’s budget year ending this month will weaken the economy.

A $44 billion two-year budget agreement between Gov. Dannel P. Malloy and legislative leaders tries to cover a projected $2.5 billion deficit.

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Connecticut

Ski Card
WTIC Holiday Stores 2016

Listen Live