Bloomberg is reporting that the latest data from the Census Bureau reveals a sharp decline of household income.
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.
The economic stagnation is due to a prolonged jobless rate above 8%, coupled with long-term unemployment. Just about every age group experienced income decline, with the exception of those over 65. The hardest hit were the 55-64 bracket.
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 firm’s 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.
The debate continues as to whether or not the recession ever ended, or if we are about to enter a new recessionary period.