Real median household income (RMHI) fell from $51,190 in ’09 to $50,046 in ’10, a drop of $1,144! Not one state showed an increase. Between ’08 and ’09, only ND experienced a rise. Between ’07 and ’08, KS, LA, NY, NJ and TX had increases. MD has the highest RMHI at $68,854, followed by NJ, AK, CT and HI. MS is lowest at $36,851. Declining RMHI makes recovery very tough.
Tag Archives: Weak Economic Recovery
Gimmie Growth
June’s trade deficit swelled 18.8% to $49.9 billion, the highest since 10/08 and much worse than economists (what do they know) predicted. If annualized, the June deficit would be almost $600 billion. That data along with recent inventory data suggest Q2 growth will very sluggish; 1.5%-1.7%. While certainly not recession territory, we have an economy that is vulnerable to shocks and is weaker than we want to believe.