Last month, foreclosure filings sunk to the lowest number since the housing crisis began eight years ago. Home prices are up nationwide. But the recovery isn’t being felt everywhere. In fact, in some states like Connecticut, foreclosures are soaring.
The Connecticut Labor Department says the state’s unemployment rate in August remained unchanged from July at 8.1 percent. The report shows a loss of 6,000 jobs, but the Labor Department says that's because of a miscalculation last month in their seasonal adjustment of the labor numbers. Long Island’s private sector lost 600 jobs in August compared to July. But the New York Department of Labor says that’s an improvement in the long-term. Over the prior 10 Augusts, the losses averaged 3,000.
In a report released Wednesday, Connecticut economists say the state’s economy is gaining momentum. Steven Lanza, editor of "The Connecticut Economy" says how and why the economy moves is more complicated than politicians might suggest on the campaign trail.