A government report has shown that most households in the United States saw no significant increase in income during the past year, reflecting the struggle the country has had in recovering from the global recession.
Based on data that the Census Bureau released on Tuesday, the median income for each household grew by only $180 from last year, a statistically insignificant change, to bring the total to $51,939. Median income has declined in the US since the start of the downturn in 2007 by almost $5,000.
The report gives justification to the outlook of many Americans that the country remains in a recession and why US President Barack Obama’s approval ratings have persisted at the 40% level. Obama took control of the country just a few months before the end of the recession and has since been faced with the struggle of a slow economic recovery.
Additionally, the census report showed that there were fewer Americans living in poverty with the rate falling for the first in eight years by half a percentage point to 14.5%. The overall poverty rate, however, still remains 2 percentage points higher than where it was seven years ago. A household in poverty is defined by the report to be a family of two adults and two children living on an annual income of less than $23,624.
The material has been provided by InstaForex Company – www.instaforex.com
A government report has shown that most households in the United States saw no significant increase in income during the past year, reflecting the struggle the country has had in recovering from the global recession.
Based on data that the Census Bureau released on Tuesday, the median income for each household grew by only $180 from last year, a statistically insignificant change, to bring the total to $51,939. Median income has declined in the US since the start of the downturn in 2007 by almost $5,000.
The report gives justification to the outlook of many Americans that the country remains in a recession and why US President Barack Obama’s approval ratings have persisted at the 40% level. Obama took control of the country just a few months before the end of the recession and has since been faced with the struggle of a slow economic recovery.
Additionally, the census report showed that there were fewer Americans living in poverty with the rate falling for the first in eight years by half a percentage point to 14.5%. The overall poverty rate, however, still remains 2 percentage points higher than where it was seven years ago. A household in poverty is defined by the report to be a family of two adults and two children living on an annual income of less than $23,624.
The material has been provided by InstaForex Company – www.instaforex.com
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