US Households Continue to Bleed

Published on MacroBusiness, by Leith van Onselen, August 23, 2013 (Linked with our new blog: politics for the 99%).

Two former Census Bureau officials working at Sentier Research have released a new report claiming that median US household income is recovering, but remains 6.5% below its pre-recession level in real (inflation adjusted) terms:  

– After adjusting for changes in consumer prices, median annual household income declined during the officially-defined recession from $55,480 in December 2007 to $54,478 in June 2009. During the “economic recovery”, as the unemployment rate and the duration of unemployment remained high, median annual household income continued its decline, reaching a low point of $50,722 in August 2011. As of June 2013 median household income had recovered somewhat to $52,098 (seasonally adjusted estimates) … //

… So much for the much celebrated US economic recovery.
(full text and chart).

Links:

European bank funding: A long, dry summer, on The Economist, August 24, 2013: Smaller banks on Europe’s periphery are still struggling to find funding;

The Good, the Bad and the Ugly: Germany’s Architectural Atrocities, on Spiegel Online International, by Kristin Haug, August 23,
(Photo Gallery): Germany is famous for its architectural transgressions. But according to a historian who has compiled a photo collection celebrating the country’s ugliest edifices, it’s time we learn to embrace them …;

ThyssenKrupp Under Fire: We Won’t Be Pressured, Part 1: Inverview with CEO Heinrich Hiesinger, on Spiegel Online International, by Spiegel staff, August 23, 2013 (Photo Gallery): Debt-plagued German industrial giant ThyssenKrupp has been struggling with shrinking equity capital and having difficulty selling off unprofitable mills. CEO Heinrich Hiesinger explains how he plans to prevent the breakup of the company …;

Part 2: We Have Successes to Show.

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