When the global economy worsened in 2007 and ushered in the Great Recession, we had no idea just how bad it was.
A new report from the Connecticut Center for Economic Analysis combed over the data and found that, "Connecticut’s Great Recession was more severe than we previously thought—and Connecticut was still contracting when the rest of the nation was beginning to recovery.”
The newly revised information from the federal Bureau of Labor Statistics used in the reports means that the state, “has an even steeper hill to climb that we had thought.” There are now reportedly fewer jobs in Connecticut than in 1988.
When the Bureau of Labor Statistics first released information about the gross domestic product in Connecticut, their figures were much rosier than what was later realized. In the fourth quarter of 2009, the total value of Connecticut’s goods and services declined by $14.5 billion from $204.5 billion.
In light of the new information, the Center, based at the University of Connecticut, said it’s an, “absolute necessity for Connecticut to pursue aggressive policies and sustained investments to accelerate recovery and job creation.”