The United States Census releases an annual report of several things such as financial standing from the previous years' data. This year's release, covering 2011, has just been released. Among other findings, the Census found poverty rates hardly changed and the median income declined, nationally. Article source:
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People struggling to get employed
Many people lost their jobs and have not been able to get employed since the recession started. It is not a secret that people have struggled even with an education. Most people cannot support their families on the jobs that are accessible, though there are some out there.
The United States Census recently published its annual report on household income, according to CNN, and median income has fallen, though only just. Median income decreased to $50,054 in 2011, a 1.5 percent decrease of 2010. Median household income for families, according to NBC News, dropped slightly more, at 1.7 percent, with family median income having dropped to $62,273 last year.
Since 2007, there has been an 8.1 percent decrease in earnings. Since 1999, there was an 8.9 percent decrease when adjusted for inflation. That was the peak year for earnings with more payday than any other.
Drop in poverty
Perhaps on a lighter note from declining median income, the Census also found that poverty, or rather the amount of people estimated to be living in poverty, declined also, though only just.
About 42.6 million people live below the poverty line, which is $23,021 or less a year for a family of four. It was anticipated that there was going to be an increase in the poverty rate, but it seems that more people are able to hold down jobs than before since the poverty rate really decreased, according to CNN. The decrease changed the rate from 15.1 percent in 2010 to 15.0 percent in 2011.
Hispanic and Asian households were not in poverty as often as Caucasian and African-American households, NBC News points out.
The gender gap was unchanged, as women generally earned 77 percent of the wages of men in 2011. Both genders, however, experienced a 2.5 percent wage drop last year.
Some doing well while others do even worse
There were many people who did very well in 2011, though the majority of people did not. In fact, 22.3 percent of all income went to the top 5 percent of earners in the year, or people making over $186,000 a year, according to the Wall Street Journal. In 2010, that number was only 21.3 percent indicating that there was a 1.6 percent increase.
Income inequality is measured via the Gini index, a way for studying income inequality. It's the first time since 1993, according to NBC News, that an increase in income inequality was recorded, using that rubric.
Wall Street Journal