Wages in Bridgeport-Stamford region shrunk 3.7 percent in second quarter

|

The State Labor Department reported the average quarterly wages in the state and the Bridgeport-Stamford metro region both fell in the second quarter of this year compared to a year ago.

In its quarterly report on unemployment insurance covered wages, the department said the average quarterly wage in Bridgeport-Stamford fell to $18,585 in the second quarter of this year compared to $19,311 for the same period a year ago.

The average quarterly wage for the state fell just 1 percent to $14,354 from $14,504 a year ago.

The greater Hartford metro area was also down for the year, while Danbury and New Haven reported gains. Danbury showed an increase of 1.7 percent in wages to $13,252 compared to $13,025.

This does not bode well for the holiday shopping season or consumer spending next year.

There were already signs of financial stress heading into the holidays, with TransUnion reporting the average credit card debt rising along with late payments.

TransUnion noted Connecticut residents carry the third highest average balance on their credit cards in the nation, with $5,634. Average credit card debt per borrower also increased nationally on a yearly basis by 4.91 percent rising to $4,996 in the third quarter of 2012 from $4,762 in the third quarter of 2011.

Categories: Economy
Rob Varnon

Comments are closed.