Financial Sector Decline Pressures Boston, Hartford
A high concentration of financial sector employment is weighing on northeast as the recession continues, according to a new report from the Federal Deposit Insurance Corp.
In a quarterly "Economic Landscape" report, the FDIC said the woes of the financial sector have placed "enormous pressure" on companies throughout the northeast. The report notes that Boston and Hartford, Conn. had high concentrations of financial sector employment, 7.2 percent and 11.7 percent, respectively, at the end of 2008.
Employment in Boston's financial sector fell by 4 percent in the fourth quarter of 2008, its largest decline since the last quarter of 1991.
The FDIC said much of that decline was in commercial banks and securities firms.
In Hartford, the financial sector continues to contract and declined by 0.8 percent in the fourth quarter compared to the same period a year earlier.
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