On the heels of recent news touting significant decreases in Connecticut”™s unemployment levels over the past 12 months, the state department of labor and Governor Dannel P. Malloy have announced that in 2015 wages were the highest at any point ever reported.
“We are making progress and we are moving forward,” Malloy said in a statement. “This data shows that Connecticut’s private sector is continuing to make significant progress.”
According to Department of Labor data, Connecticut’s private sector wages have increased by nearly $4 per hour since 2007. During that span, weekly wages for residents, on average, have increased by about $130 per week, a 15 percent increase.
Hourly and weekly wages are also 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.
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, according to the governor”™s office.
Unemployment is currently at its lowest rate since March 2008. Last month, Malloy announced that the Connecticut’s unemployment rate saw the sixth-largest decline in the U.S. over the past year.
Jobless numbers dropped from 6.3 percent in November 2014 to 5.1 percent in November 2015 ”” a 1.2 percent decrease among the largest nationwide.
“We are no doubt moving in the right direction,” Malloy said in a statement. “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.”
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.
