9:29 am August 24, 2012, by David Markiewicz
A new report shows that real median household income, while improved since the end last year, is still down by 4.8 percent since the “economic recovery” began in June 2009.
That’s actually larger than the 2.6 percent decline in income that occurred during the official recession period from December 2007 to June 2009, and means that median household income is now 7.2 percent below the December 2007 level.
The findings are contained in Sentier Research’s report, “Changes in Household Income During the Economic Recovery: June 2009 to June 2012.
Median annual household income declined during the recession from $54,916 in December 2007 to $53,508 in June 2009. During the so-called recovery, it continued to fall, to $50,964.
“Based on our data, almost every group is worse off now than it was three years ago, with the exception of households with householders 65 years old and over,” said Gordon Green of Sentier Research. “For some groups of households _ Blacks, men living alone, younger and upper middle-age brackets, those with some college but no degree, the unemployed, the self-employed, and those living in the West _ the declines tended to be larger than average.”
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