by Christopher Freeburn | August 22, 2013 11:46 am
Almost have a decade after the financial crisis began, incomes for average Americans have still not fully recovered.
A study released on Wednesday by Gordon W. Green Jr. and John F. Coder, former Census Bureau workers now part of Sentier Research, found that the median yearly U.S. income in June was $52,100. That was up from $50,700 in August 2011, but still 4.4% lower than the median income in June 2009, and 6.1% less than the median income in December 2007, the New York Times noted.
The impact of the financial crisis hit lower-income groups hardest, including households headed by single people and individuals without a college degree. Income for people over 65, however, actually rose, likely due to more people retiring as the job market dried up.
Data for the study was drawn from the Current Population Survey, which collects information from 50,000 U.S. households.
While the U.S. economy has recovered from low points during the recession, growth has been significantly weaker than in previous recoveries. Despite massive amounts of federal economic stimulus, the U.S. job market, while improving, remains sluggish.
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