August recorded the fifth straight month of wage declines as more Americans face declining take-home pay totals. In 2010, median household incomes fell to $49,445 – the lowest level in more than ten years. The poverty rate currently sits at a 17-year high 15.1 percent.
Ã¢â‚¬Å“Those who are employed are worried about their income and are seeing real purchasing power get squeezed, therefore theyÃ¢â‚¬â„¢re set to retrench a bit,Ã¢â‚¬Â said Julia Coronado, chief economist for North America at BNP Paribas in New York, who has served on the Fed boardÃ¢â‚¬â„¢s forecasting team. Ã¢â‚¬Å“ThatÃ¢â‚¬â„¢s the danger right now. It means the recovery remains very fragile.Ã¢â‚¬Â
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