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August 27, 2013

Recession's pain reaching deep into the economic recovery

The buying power of Americans continues to be weaker than it was when the recession ended four years ago, underscoring the lasting damage wrought by the downturn, according to a report released Wednesday.

Inflation-adjusted median household income has declined 4.4 percent, to $52,098, since June 2009, the official end of the recession, said the report by Sentier Research, an Annapolis data-analysis firm headed by two former Census Bureau officials.

Although Americans’ average income has been recovering from its recent low point in August 2011, it remains 6.1 percent below where it stood when the country toppled into recession in December 2007.

Overall, median income has declined by 7.2 percent since January 2000, the report said, offering fresh evidence of the deep economic stagnation the nation has suffered for more than a decade.”

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