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Re: Recession Officially Over, U.S. Incomes Kept Falling 

By: ribit in FFFT | Recommend this post (2)
Mon, 10 Oct 11 8:43 PM | 59 view(s)
Boardmark this board | Food For Further Thought 		Msg. 34835 of 65535
(This msg. is a reply to 34827 by clo)
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clo
...recession over? Kinda like the story I read the other day about the wildfire that was 80 percent contained and had burned down 34 houses.




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Liberals are like a "Slinky". Totally useless, but somehow ya can't help but smile when you see one tumble down a flight of stairs!

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The above is a reply to the following message:
Recession Officially Over, U.S. Incomes Kept Falling
By: clo in FFFT
Mon, 10 Oct 11 2:15 PM 		Msg. 34827 of 65535

Recession Officially Over, U.S. Incomes Kept Falling
By ROBERT PEAR

Published: October 9, 2011

WASHINGTON — In a grim sign of the enduring nature of the economic slump, household income declined more in the two years after the recession ended than it did during the recession itself, new research has found.

Between June 2009, when the recession officially ended, and June 2011, inflation-adjusted median household income fell 6.7 percent, to $49,909, according to a study by two former Census Bureau officials. During the recession — from December 2007 to June 2009 — household income fell 3.2 percent. 

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During the recession itself, by contrast, wage gains outpaced inflation.

One reason pay has stagnated is that many people who lost their jobs in the recession — and remained out of work for months — have taken pay cuts in order to be hired again. In a separate study, Henry S. Farber, an economics professor at Princeton, found that people who lost jobs in the recession and later found work again made an average of 17.5 percent less than they had in their old jobs.

“As a labor economist, I do not think the recession has ended,” Mr. Farber said. “Job losers are having more trouble than ever before finding full-time jobs.”

Mr. Farber added that this downturn was “fundamentally different” from most previous ones. Historically, other economists say, financial crises and debt-caused bubbles have led to deeper, more protracted downturns.

Mr. Green and Mr. Coder said the persistently high rate of unemployment and the long duration of unemployment helped explain the decline in income during the recovery.

In the recession, the average length of time a person who lost a job was unemployed increased to 24.1 weeks in June 2009, from 16.6 weeks in December 2007, according to the federal Bureau of Labor Statistics. Since the end of the recession, that figure has continued to increase, reaching 40.5 weeks in September, the longest in more than 60 years.

http://www.nytimes.com/2011/10/10/us/recession-officially-over-us-incomes-kept-falling.html?_r=1&hp

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