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.