Monday, October 10, 2011

Picture of the Day: Declining Household Income

From the NY Times:


Cralis said...

Is this reduction due to reduced wages of employed workers? Or is due to the loss of jobs (the number of people with no wages)?

Patrick Emerson said...

This is data from "the usual weekly earnings of wage and salary workers" from the Current Population Survery of the BLS I believe. Thus it is the decline in earnings of the employed. But it could be either salary declines for the same job or hours are cut back but hourly wage is the same. Both would cause this result.