Household income fell more in recovery than in recession: study
Between December 2007 and June 2009, median annual household income slumped 3.2% to $53,518, according to a report from two former Census Bureau officials.
From that point until June this year, incomes fell to $49,909 — a 6.7% decline, according to Gordon Green and John Code of Sentier Research.
So while the economy technically has been growing, the good news has yet to reach average Americans, who have been saddled with three straight months of 9.1% unemployment as well as a volatile stock market and high prices.
The recovery has been difficult for many, according to the report. Jobless household heads saw their income plunge 18.4% to $33,487 annually, compared to a 5.1% slide to $68,454 a year for full-time workers.
Single parents are making 7.3% less — just $36,465, the report found. Married households are pulling in $73,324, a 4.5% drop.
-- Tiffany Hsu
Photo: Job seekers wait in a line at a job fair in Southfield, Mich. Credit: Paul Sancya / Associated Press