4.1%: Drop in US median household income following the Great Recession
Over the two years following the Great Recession, average income for U.S. households fell by the same amount as during the actual recession. According to the Census Bureau, the median income of U.S. households was $52,195 when the Great Recession ended in 2009. In the following two years, that number declined 4.1% to $50,054. During the recession itself (2007-2009), median household income dropped 4.2%.
This scenario is not unheard of. Households also experienced persistent declines in income following the recessions of 1990-91 and 2001, though those losses were not as great as with the current recovery. Uncertain economic conditions make financial planning even more important. Ensure you have a plan in place and revisit it regularly.
Pew Research Center: "A Recovery No Better than the Recession," 9/12/2012
US Census Bureau
All income amounts are in 2011 dollars.
Prepared by BlackRock
Delivered courtesy Joel W. Grams, CRPC®, CLTC,
Registered Representative, 212 Capital Group
38 Main Street Suite 360, Westlake Ohio 44145
(440) 835-4501 Ext 17, firstname.lastname@example.org
The foregoing discussion is general in nature and not intended as specific advice.
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For information on New England Financial insurance or other financial products and services, please contact Joel W. Grams, CRPC®, CLTC, Registered Representative, Financial Planner with /New England Financial 38 Main Street Suite 360, Westlake, OH 44145, at (440) 835-4501 ext. 17, email@example.com www.212capitalgroup.com
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