Data from the Census Bureau show that income for the typical US household did not rise in 2012, despite an improving economy and surging corporate profits. Although the U.S. economy added 2.2 million jobs in 2012, household income remained effectively unchanged from the previous year, according to the Census Bureau. A Census report released earlier this month put median household income, adjusted for inflation, at $51,017 in 2012, and said that most people have had no gains since the economy hit bottom in 2009. Sheldon Danziger, the president of the Russell Sage Foundation, views the stagnation as a metaphor for the economic recovery. Most of the gains are going to the wealthiest Americans, he said. I dont see any bright prospects for the median worker, much less the poor. Not surprisingly, the types of jobs available in each state affect incomes. Residents of states with the highest median incomes were more likely to be employed in information, finance and other professional sectors, the Census Bureau data show. Each of the 10 states with the lowest incomes in 2012 also had poverty rates that exceeded the national average. Nationally, the poverty rate held steady at just below 16% in 2012. Government programs remain a lifeline for millions. Residents of low-income states had relatively high rates of employment in the retail, manufacturing and transportation sectors. The high proportion of manufacturing jobs might be surprising, but it reflects the changing nature of the nations manufacturing industry.
Posted on: Thu, 17 Oct 2013 01:08:46 +0000