WASHINGTON – After consistent growth, even during tough economic times, it appears D.C. employment is grinding to a halt.
“It’s a trend for us to watch,” says Deputy CFO Fitzroy Lee, the District’s chief economist. “It could indicate some weakness going forward.”
A new financial report from Lee’s office includes federal labor figures that show a sharp reversal on several fronts.
“Since last October, the number of jobs in the District has actually declined,” Lee says.
That figure, which represents jobs located within the borders of D.C., grew for 42 months before October 2012.
Another notable observation – the number of employed D.C. residents has fallen in recent months after showing growth for nearly two years.
Cuts in federal government employment have likely played a role, according to Lee.
“It seems that the private sector has not been growing fast enough to offset federal government cutbacks,” he says.
Read the full report below:
District of Columbia Economic and Revenue Trends:July 2013
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