U.S.: In Connecticut, Personal Incomes Off To Strong Start In 2018

Friday, August 03, 2018

Connecticut residents had more money in their pockets at the start of 2018, with personal income jumping 4.6 percent, faster than the increase nationally, the U.S. Department of Commerce reported.

It’s the best performance in more than three years, an economist said, though he added that higher gas prices, burdensome medical costs, rising interest rates and taxes will likely dampen consumers’ ability to spend.

Personal income — money from labor or production, ownership of a home, business or financial assets and transfers from government and business — was $256.9 billion in Connecticut in the first three months of 2018. That’s up 1.1 percent from the previous quarter, but the federal government calculates it as an annual number and reported the increase as 4.6 percent.

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