Posts filed under “Research”
The Census Bureau released its annual report on Income, Poverty, and Health Insurance Coverage: 2010 (full PDF) this morning. Barry has posted the slide presentation that staff went through during the conference call over in the Think Tank (please have a look). The (very ugly) bullet points from the release can be found here, and the centerpiece graph is below.
As time allows, I intend to do some work on the numbers in the updated report, but here are a few things that jumped out at me (straight from the summary):
- Real median household income in the United States in 2010 was $49,445, a 2.3 percent decline from the 2009 median.
- Since 2007, the year before the most recent recession, real median household income has declined 6.4 percent and is 7.1 percent below the median household income peak that occurred prior to the 2001 recession in 1999.
- In spring 2011, 5.9 million young adults age 25-34 (14.2 percent) resided in their parents’ household, compared with 4.7 million (11.8 percent) before the recession, an increase of 2.4 percentage points.
- It is difficult to precisely assess the impact of doubling up on overall poverty rates. Young adults age 25-34, living with their parents, had an official poverty rate of 8.4 percent, but if their poverty status were determined using their own income, 45.3 percent had an income below the poverty threshold for a single person under age 65.
- Based on the Gini Index, the change in income inequality between 2009 and 2010 was not statistically significant, while the changes in shares of aggregate household income by quintiles showed a slight shift to more inequality. The Gini index was 0.469 in 2010. (The Gini index is a measure of household income inequality; zero represents perfect income equality and 1 perfect inequality.)
More to come.
Via Paul Krugman, I’m led to this WaPo piece about the imminent demise of the Statistical Abstract of the United States, which is an invaluable resource for all manner of at-a-glance data. Regardless of one’s ideology or political leanings, I think we can all agree that more information is better, less information not as good,…Read More
Forecasting is a rough gig that often confounds even those who do it for a living and generally do it well. Situational awareness (see e.g., this and this), on the other hand, is all about knowing “what you need to know not to be surprised,” and having “the ability to maintain a constant, clear mental…Read More
The St. Louis Fed’s huge data repository, FRED, now has an incredible new feature: an Excel Add-in, which is available here. I’ve been test-driving the add-in for a month or so, and am very impressed with its capabilities. If you’re a user of the FRED database, you may want to check it out for yourself….Read More
I think it’s likely that I introduced Bob Farrell’s Market Rules to Remember to the blogosphere (albeit to a smaller audience), as they’d been an integral part of my upbringing in the business and I was eager to share them when I started blogging. (BR posted them here in August 2008.) That said, let’s have…Read More
Obama had one shot at a stimulus package when the economy was reeling from the near economic collapse of 2008. Some members of his team argued it needed to be bigger (it did), but for whatever reasons they did not prevail. What was needed then — as now — was to put money to work…Read More
Invictus writes: I could not help but be struck by the different positions — both articulated on Friday – on federal spending taken by two economists for whom I have the utmost respect — Paul Krugman and David Rosenberg. In his daily missive Friday, Rosie went off on federal spending: Government spending, in the United…Read More
The Chicago Fed’s National Activity Index (CFNAI) printed this week. The CFNAI is among my favorite indicators that no one seems to follow (though it is covered monthly by Calculated Risk and usually David Rosenberg). It is an amalgam of 85 distinct economic indicators that gives a very accurate read on the economy. The folks…Read More
A Bank of America Merrill Lynch research note on the abysmal nonfarm payrolls number for June contained this graph: A February 2010 Big Picture post on slack in the labor market contained this graph: My comment at the time, which holds true today: I’d postulate that only when this gap starts to close meaningfully will…Read More
A mention by David Rosenberg in a recent note sent me scurrying to find this report from the San Francisco Fed in August of last year. The report — remember, it was almost one year ago — used the Leading Economic Indicators to assess the probability of another recession within the next 24 months (from that date,…Read More