The official dates for the US recession, 2007 to 2009, are labeled as the worst recession since the Great Depression of the 1930’s. This recession has impacted on all facets of American life, according to new Census data.
The Census Bureau’s American Community Survey showed that median household income had fallen in 34 states in the US, with Florida and Michigan in the lead. Maryland had the highest income levels, a record it held for the last four years, despite the average income falling from $70,545 to $69,272 since 2008.
North Dakota is the single state in the US where income levels rose on average, and Mississippi scored the lowest income rate five years running with $36,646.
The recession is responsible for the loss of nearly 8.5 million jobs across America which left the unemployment rate at a 26-year-high and was instrumental in driving property prices down 26 percent in median prices.
The consumer spending index, which accounts for a whopping 70 percent of the US economy declined the most of any time since 1942.
The recession has impacted on all facets of life in the US, with the unemployment rate for teenagers in the US its highest since record keeping began at 27.6 percent. The recession may also have taken a toll on American’s private life, with records showing that for the first time in nearly 100 years of record keeping, the percentage of unmarried people between 25 to 34 years of age was higher than those married.
