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Title: How much more 'recovery' can we stand?
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Womyn_of3
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(Date Posted:10/01/2012 10:10 PM)
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Excerpted from Jeffrey A. Anderson's blog at weeklystandard.com:
http://www.weeklystandard.com/blogs/americans-incomes-have-fallen-3040-during-obama-recovery_653116.html

New figures from the Census Bureau's Current Population Survey, compiled by Sentier Research, show that the typical American household's real (inflation-adjusted) income has actually dropped 5.7 percent during the Obama "recovery." Using constant 2012 dollars (to adjust for inflation), the median annual income of American households was $53,718 as of June 2009, the last month of the recession. Now, after 38 months of this "recovery," it has fallen to $50,678 - a drop of $3,040 per household.

Amazingly, incomes have dropped even more during the "recovery" than they did during the recession. In fact, they've dropped more than twice as much as they did during the recession. From the start to the end of the recession, the real median income of American households fell $1,413, or 2.6 percent.  From the end of the recession to the present day, it has dropped $3,040, or 5.7 percent. 

Two of the groups hit hardest have been ones that turned out in abundance for Obama in 2008: black Americans and younger Americans (those between the ages of 25 and 34). During the first three years of the Obama "recovery," the real median household income for black Americans dropped a whopping 11.1 percent. For Americans between the ages of 25 and 34 - real median household income dropped 8.9 percent.

Last month, American households’ real median annual income fell by another $543 — from $51,221 to $50,678.  Sentier’s Gordon Green, former chief of the Governments Division at the Census Bureau, says, “This latest decline in real median annual household income is indicative of a struggling economy.”  He adds that, while we are “technically” in a recovery, “real median annual household income is having a difficult time maintaining its present level, much less ‘recovering.’”


Similarly, the percentage of Americans who are employed has dropped during the Obama “recovery” — from 59.4 percent during the final month of the recession to just 58.3 percent last month.  That’s according to the Obama administration’s own figures.
http://data.bls.gov/timeseries/LNS12300000

Compared to the last month of the recession (in June 2009), the percentage of Americans who are employed has dropped 1.1 points, and typical Americans’ real annual household income has dropped $3,040.

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Womyn_of3
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How much more 'recovery' can we stand?
(Date Posted:10/01/2012 10:11 PM)

http://www.sentierresearch.com/pressreleases/Sentier_Household_Income_Trends_Press_Release_August2012_09_25_12.pdf

According to new data derived from the monthly Current Population Survey (CPS), real median annual household income declined by 1.1 percent or $543 between July 2012 and August 2012, from $51,221 to $50,678.

The August reading on the labor market from the U.S. Bureau of Labor Statistics indicates a slightly improving situation with the exception of the duration of unemployment:
o
The unemployment rate in August 2012 was 8.1 percent, down from 8.3 percent in July 2012.
o
The median duration of unemployment increased from 16.7 weeks in July 2012 to 18.0 weeks in August 2012, after declining in July.
o
The broader measure of employment hardship, which includes the unemployed, marginally attached workers (of which discouraged workers are a subset), and persons working part-time for economic reasons, declined slightly from 15.0 percent in July 2012 to 14.7 percent in August 2012.

The median annual household income in August 2012 can be put into broader perspective by a comparison with previous levels of household income dating back to the start of the last decade:
o
The August 2012 median annual household income of $50,678 was 5.7 percent lower than the median of $53,718 in June 2009, the end of the recent recession and beginning of the "economic recovery."
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The August 2012 median was 8.1 percent lower than the median of $55,131 in December 2007, the beginning month of the recession that occurred more than four years ago.
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The August 2012 median was 9.0 percent lower than the median of $55,688 in January 2000, the beginning of this statistical series.

The Household Income Index (HII) shows the value of real median annual household income in any given month as a percent of the base value at the beginning of the last decade (January 2000 = 100.0 percent):
o
The HII for August 2012 stood at 91.0, down from 92.0 in July 2012, and lower than the December 2011 reading of 92.5. (See Figure 1.)
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Before the recent decline and a period of very little change back to the beginning of this year, the HII had increased steadily from August 2011 to December 2011: 89.3 in August, 90.5 in September, 91.4 in October, 92.1 in November, and 92.5 in December

Income amounts in this report are before-tax money income and have been adjusted for inflation; income amounts are expressed in August 2012 dollars and have been seasonally adjusted, unless otherwise noted.

Estimates of median annual household income and the Household Income Index (HII) provide the only measures of change in household income during 2012. The U.S. Census Bureau issued its official estimates of income and poverty for calendar year 2011 in a report released on September 12, 2012.

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