Household Incomes Decline, Poverty Rates Flat

supermarketnews.com DATAPOINTS September 17, 2012 HOUSEHOLD INCOMES DECLINE, POVERTY RATES FLAT The median household income fell slightly in 2011, continuing a trend that began with the Great Recession of 2008, although poverty rates remained about flat from a year ago, according to a September report from the U.S. Department of Commerce. The report, based on U.S. Census data, noted that about 46.2 million people were living in poverty in 2011 – with income of about $23,000 or less - or about 15% of the population, down from 15.1% in 2010. That compares with a poverty rate of about 12.2% in the year 2000. The median annual household income was $50,054 in 2011, down from $50,831 in 2010, and off 8.1% from the all-time high of $54,489 in 2007. Participation in the Supplemental Nutritional Assistance Program (formerly Food Stamps) has increased about 70% in that time, with more than 44.7 million Americans now enrolled, according to the U.S. Department of Agriculture. SOURCE: U.S. Departments of Commerce, Labor and Agriculture People in Poverty SNAP* Recipients 15% 2007 26,316,045 Adults age 65+ 13.5% 2008 28,222,630 Children under 18 Adults 2009 33,489,975 of people in U.S. below poverty line in 2011 age 18-64 23.9% 62.6% 2010 40,301,878 (down 0.1% from 2010). 2011 44,708,726 Total for 2011 = 462 million people SOURCE: U.S. Department of Commerce *Supplemental Nutrition Assistance Program (formerly called Food Stamps) SOURCE: U.S. Department of Agriculture FOOD INFLATION (Annual Consumer Price Index for food at home) Median Income by Region 2002-2003 +2.2% +3.8% Northeast 2003-2004 2004-2005 +1.9% 2010: $54,667 2005-2006 +1.7% 2011: $53,864 2006-2007 +4.2% West -1.5% 2007-2008 +6.4% +0.5% 2010: $54,630 Midwest 2008-2009 0.3% 2011: $52,376 2010: $49,762 2009-2010 -4.1% 2011: $48,722 2010-2011 +4.8% -2.1% SOURCE: U.S. Department of Labor South 2010: $46,875 2011: $46,899 +0.1% SOURCE: U.S. Departiment of Commerce 81% decline in median household income from 2007 to 2011 Median Household Income Unemployment Rates $53,019 "The middle class is still 2002 (as of August of each year) 2003 $52,973 under a tremendous amount 10% $52,788 of pressure, and it feels like [the economy] is muddling along because nothing is happening very quickly." 9% 2004 8% 2005 $53,371 7% 2006 $53,768 6% 5% 2007 $54,489 4% 2008 $52,546 3% 2% 2009 $52,195 SCOTT MUSHKIN, analyst, Jefferies & Co. (in this week's coverage of the 2012 SN Analysts Roundtable) 1% 2010 $50,831 ° 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2011 $50,054 SOURCE: U.S. Department of Labor SOURCE: U.S. Depar tment of Commerce