Rakesh Kochar,
writing for the Pew Research Center, examined household income during the
recent recession and recovery. From
2007 to 2009, the median household income fell 4.2%, and while the economy
began to turn around and businesses started to rebuild, incomes continued to
drop. From 2009 to 2011, as the
U.S. embarked on a sluggish recovery, the median income failed to improve. In fact, the median household income
fell almost as much (4.1%) during the recovery years as during the recession. After a 5.7% decrease in household
income due to the 1973 recession, incomes salvaged a 2.3% increase in the
following 2 year recovery period. The
1980 to 1982 recession drove incomes down 5.0%, but in the subsequent two-year
recovery, incomes rebounded with a 2.4% improvement. This prolonged period of income losses reflects a greater
trend from the past decade. The
highest median household income was $54,932 in 1999, and since then, that level
has only been approached in 2007, when incomes were $54,489.
About TeachingwithData.org
TeachingWithData.org is a partnership between the Inter-university Consortium for Political and Social Research (ICPSR) and the Social Science Data Analysis Network (SSDAN), both at the University of Michigan. The project is funded by NSF Award 0840642, George Alter (ICPSR), PI and William Frey (SSDAN), co-PI.
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