3Center or American Progress | Economic Snapshot: May 2013
The rich continue to pull away from most Americans.
Incomes o households in he95h percenile—hose wih incomes o $186,000 in 2011, he mos recen year or which daa are available—were more han nine imes he incomes o households inhe 20h percenile, whose incomes were $20,262. Tis is he larges gap beweenhe op 5 percen and he botom 20 percen o households since he U.S. CensusBureau sared keeping record in 1967. Median inaion-adjused household incomesood a $50,054 in 2011, is lowes level in inaion-adjused dollars since 1995. And he povery rae remains high, a 15 percen in 2011, as he economic slumpconinues o ake a massive oll on he mos vulnerable ciizens.
Employer-sponsored ben-efits disappear.
Te shareo people wih employer-sponsored healh insurancedropped rom 59.8 percenin 2007 o 55.1 percen in2011, he mos recen yearor which daa are available.
Te share o privae-secor workers who paricipaedin a reiremen plan a work ell o 39.2 percen in 2011,down rom 42 percen in2007.
Families now haveless economic securiy hanin he pas due o eweremploymen-based benes, which requires ha hey havemore privae savings o makeup he dierence.6.
Family wealth losses still linger.
In March 2013 oal amily wealh was down $8.4rillion (in 2013 dollars) rom March 2007, is previous peak. Homeowners on aver-age own only 49.2 percen o heir homes—compared o he long-erm average o 61percen beore he Grea Recession—wih he res owed o banks.
Homeowners’massive deb slows household-spending growh, as households sill have litle colla-eral or banks o loosen heir lending sandards and households spend less han hey oherwise would on new homes and oher big-icke iems.7.
Household debt is still high.
Household deb equaled 106.3 percen o afer-ax income in March 2013, down rom a peak o 126 percen in March 2007.
Household deb grew again relaive o afer-ax income in he rs quarer o 2013,up rom a low o 104.8 percen—he rs such increase since he ourh quarer o
Postrecession productivity growth
Source: Calculations based on U.S. Bureau o Labor Statistics,
Major Sector Productivity and Costs, Nonfarm Business Sector, Output per Hour
(U.S.Department o Labor, 2013).
P r o d u c t i v i t y g r o w t h f r o m r e c e s s i o n l e v e l
Months after end of recession