American incomes declined more in the three-year expansion that started in June 2009 than during the longest recession since the Great Depression, according an analysis of U.S. Census Bureau data by Sentier Research LLC.
Median household income fell 4.8 percent on an inflation- adjusted basis since the recession ended in June 2009, more than the 2.6 percent drop during the 18-month contraction, the research firmâs Gordon Green and John Coder wrote in a report today. Household income is 7.2 percent below the December 2007 level, the former Census Bureau economic statisticians wrote.
âAlmost every group is worse off than it was three years ago, and some groups had very large declines in income,â Green, who previously directed work on the Census Bureauâs income and poverty statistics program, said in a phone interview today. âWeâre in an unprecedented period of economic stagnation.â
While gains in hourly earnings and average hours worked per week may have had âa minor mitigating effectâ on income declines, they couldnât offset a jobless rate that hasnât fallen below 8 percent since February 2009 and a record duration of unemployment, according to the Annapolis, Maryland-based firm.
The average duration of unemployment increased to a record 41 weeks in November and remains at 39 weeks, Labor Department data show. Almost 5.2 million Americans have been out of work for at least six months.
Earnings Drop
Real median annual household income fell to $53,508 from $54,916 during the 18-month recession from December 2007 to June 2009, according to the firmâs study of income data for the 36- month period ended in June 2012. Incomes kept falling during the 36-month period since then, dropping to $50,964 in June 2012.
More
http://www.bloomberg.com/news/2012-08-23/u-s-incomes-feel-more-in-recovery-sentier-says.html
Median household income fell 4.8 percent on an inflation- adjusted basis since the recession ended in June 2009, more than the 2.6 percent drop during the 18-month contraction, the research firmâs Gordon Green and John Coder wrote in a report today. Household income is 7.2 percent below the December 2007 level, the former Census Bureau economic statisticians wrote.
âAlmost every group is worse off than it was three years ago, and some groups had very large declines in income,â Green, who previously directed work on the Census Bureauâs income and poverty statistics program, said in a phone interview today. âWeâre in an unprecedented period of economic stagnation.â
While gains in hourly earnings and average hours worked per week may have had âa minor mitigating effectâ on income declines, they couldnât offset a jobless rate that hasnât fallen below 8 percent since February 2009 and a record duration of unemployment, according to the Annapolis, Maryland-based firm.
The average duration of unemployment increased to a record 41 weeks in November and remains at 39 weeks, Labor Department data show. Almost 5.2 million Americans have been out of work for at least six months.
Earnings Drop
Real median annual household income fell to $53,508 from $54,916 during the 18-month recession from December 2007 to June 2009, according to the firmâs study of income data for the 36- month period ended in June 2012. Incomes kept falling during the 36-month period since then, dropping to $50,964 in June 2012.
More
http://www.bloomberg.com/news/2012-08-23/u-s-incomes-feel-more-in-recovery-sentier-says.html
