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U.S. Metro Economies 2012 Employment Forecast and the Impact of Exports

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U.S. Metro Economies – 2012 Employment Forecast and the Impact of Exports, U.S. Conference of Mayors, January 2012

  • The median real income for US households in 2010 was $49,455. This is 7.1% lower than median real household income in 1999, which was $53,252 (in 2010 dollars). This decline has been even steeper for those in lower income groups, leading to increased income inequality and deteriorating financial stability for many Americans. From 1999 to 2010, income values for the bottom 10% of American earners declined by 12.1%…The trend of the past decade of declining median income and increasing income inequality has continued during the recovery from the Great Recession. Median income declined 2.3% from 2009 to 2010. Those in the bottom two-fifths of the income distribution also had a smaller share of aggregate income in 2010 than 2009. In 2010, the bottom 20% of households received 3.3% of the income, down from 3.4% in 2009, 3.6% in 2000, and 4.1% in 1970. These income trends are worrisome for the health and growth of the economy. As lower-income households spend a greater portion of their incomes as consumption, the constraint in their spending power retards consumer demand, adding to the sluggish performance of the national economy.”
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