“Real” (inflation-adjusted) median family income – the income of the family right in the middle of the income distribution – hit $61,355 in 2007, an all-time high. This was an increase of 2.1% versus 2006 and the third consecutive annual increase.Hat tip Ramesh.
The last all-time high was set in 2000. As a result, family incomes in this cycle have followed the same, down, and then up, pattern seen during every recession and recovery in the past 30 years. It took until 1986 to beat the record high set in 1979, and it took until 1996 to beat the record high set in 1989. In other words, the fact that it took seven years to reach a new high is normal.
Wednesday, September 03, 2008