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Recession Officially Over, U.S. Incomes Kept Falling
Keywords:
A report by two former Census Bureau officials, Gordon Green and John Coder, shows the inflation adjusted median household income in the U.S. declined by 6.7%, to 49,909, between June 2009 and June 2011. From December 2007 to June 2009 household income declined by 3.2%. The forces behind this are the large number of people not working or not looking for work who are outside the labor force, and the hourly pay for workers not keeping up with inflation. Prof Henry Farber at Princeton, says his study shows that people who lost jobs in the recession found work again with an average of 17.5% less income than in their prior jobs. This makes this downturn very different than earlier downturns, and giving credence to the argument "that this time its different." Another statistic from the U.S. Bureau of Labor Statistics shows why- in the period December 2007 to June 2009 average length of time for a person who lost a job to be unemployed increased from 16.6 weeks to 24.1 weeks, with the same figure up to 40.5 weeks in September 2011. Higher declines for Hispanics and other minorities further increased income inequalities. Coder and Green call the impact a substantial decline in the American standard of living.
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Deleveraging: It's Not Over Till It's Over
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Philips's CEO Urges Local Strategies for Emerging Markets
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Wal-Mart Sharpens Its Pricing Pincers
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Spendthrift to Penny Pincher: A Vision of the New Consumer
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Target Bets Credit Discount Will Lead to More Visits
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Philips's CEO Urges Local Strategies for Emerging Markets
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Wal-Mart Angles to Keep Those Who Traded Down
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Retail and the Rise of the Frugal Consumer
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Target stores.
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Retailing giant Target and changes in its strategy to adjust to the frugal American consumer. The new retailing environment in America.
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Target Earnings Rise 14% on Pickup In Credit Cards, Cost-Cutting Efforts
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Wall Street Journal 02/27/2014
Wall Street Journal 05/07/2007
Pharmacies Fight Tough Battle on Generic Prices
Wall Street Journal 12/22/2008
P&G (Procter & Gamble) and the frugal U.S. consumer
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BusinessWeek 07/29/2010
Shoppers Still Stick To Payday Purchases
Wall Street Journal 08/30/2010
A Tale of Two Shoppers: Life During the Slowdown
Wall Street Journal 09/12/2011
U.S. poverty rate reaches 15.1 percent - The Washington Post
Washington Post 09/13/2011
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