Follow by Email

Thursday, August 23, 2012

Household income is BELOW recession levels, report says

Household income is below recession levels, report says

Sounds like recovery is in effect, right?

From June 2009 to June 2012, inflation-adjusted median household income fell 4.8 percent to $50,964, according to a report bySentier Research, a firm headed by two former Census Bureau executives.
Incomes have dropped more since the beginning of the recovery than they did during the recession itself, when they declined 2.6 percent, according to the report, which analyzed data from the Census Bureau’s Current Population Survey. The recession, the most severe since the Great Depression, lasted from December 2007 to June 2009.
Overall, median income is 7.2 percent below its December 2007 level and 8.1 percent below where it stood in January 2000, which was at $55,470, according to the report.
The findings highlight the depth of the recession and the long road the nation has to traverse before it fully recovers. They also echo other reports detailing the financial carnage caused by recession.

No comments:

Post a Comment