Household Incomes Stabilize for First Time Since 2007

Wednesday, 18 Sep 2013 10:13 AM

By Courtney Coren

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Family incomes stabilized last year for the first time since the Great Recession began in 2007, according to a recent U.S. Census Bureau report. It's considered a good measure of trends in American prosperity.

The report, released Tuesday, says the inflation-adjusted median annual household income dropped a statistically insignificant 0.2 percent in 2012 to $51,017, an improvement compared to the 1.5 percent drop in 2011 and the 2.6 percent decrease in 2010, The Wall Street Journal reported.

"The bleeding has stopped, I suppose, but incomes have yet to increase," Richard Fry, an economist at the Pew Research Center, told the Journal. "Asset prices are rising, but when we look out at Main Street, at what households are getting, there isn't much growth."

The recovery still has a way to go because incomes still are 8.3 percent below the $55,627 level they were when the recession began in 2007.

The Journal noted that while the recovery is slow, the fact that incomes have at least stabilized is a good sign for the economy overall, along with the rally in stocks and rebounding real estate prices.

Still, with more than 11 million people still looking for work, businesses are not very motivated to increase wages. Further complicating matters, is the fact that most recent job growth has occurred in lower-paying areas of the economy.

The Census report also revealed that the nation's poverty rate is unchanged at 15 percent, still significantly higher than the pre-recession level of 12.5 percent.


© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Florida Man Convicted of Killing Unarmed Teen Over Loud Music

Wednesday, 01 Oct 2014 21:22 PM

A Florida jury found Michael Dunn, a middle-aged white man, guilty of first-degree murder on Wednesday in the shooting d . . .

NY Post Settles Boston Marathon Bombing Lawsuit

Wednesday, 01 Oct 2014 22:23 PM

The New York Post has reached a settlement in a Boston Marathon bombing defamation suit.
 . . .

Dick Morris: Obama Went Out of Way to Miss Intelligence Briefings

Wednesday, 01 Oct 2014 11:15 AM

President Barack Obama has missed 58 percent of the national security intelligence briefings during each of his terms in . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved