Private Sector Wages Up 15% Since 2007
(HARTFORD, CT) – Governor Dannel P. Malloy today announced that wages for Connecticut residents have reached record highs. According to the most recent Department of Labor data, Connecticut’s private sector wages have risen nearly $4 per hour since 2007. During that span, weekly wages for residents, on average, have increased by about $130 per week since — a 15 percent increase. The data shows that 2015 wages are the highest at any point ever reported.
Nationwide, Connecticut’s hourly earnings rose the fifth highest of any state compared to overall hourly earnings since November 2014, while – according to the most recent data – Connecticut ranks fourth in America in average hourly wages as well as average weekly earnings.
The data comes as the state’s private sector has seen some of the most robust job growth in the past decade, with 26,700 new jobs added. Unemployment is currently at its lowest rate since March 2008. Last month, Governor Malloy announced that the Connecticut’s unemployment rate saw the sixth largest decline in the U.S. over the past year.
“We are making progress and we are moving forward. This data shows that Connecticut’s private sector is continuing to make significant progress. The unemployment rate is at a nearly eight-year low while wages have grown 15 percent in that period. We are no doubt moving in the right direction,” Governor Malloy said. “While numbers can fluctuate from month to month, what’s undoubtedly clear is that we are trending in the right direction. Everyone who wants a good paying job with good benefits should be able to have one — and we are making progress towards that goal as we build an economy for the future.”
Department of Labor data also shows that hourly and weekly wages are up 4 percent and 3.1 percent, respectively, over the previous year’s estimate. Wage growth is also outpacing the change in the Consumer Price Index, which is 0.5 percent for the year.