U.S. Poverty at 11-Year High

Posted by: Nate Berg

12 September 2009 - 1:00pm

The poverty rate hit an 11-year high in 2008, according to the U.S. Census Bureau.

The downward trend in personal income is expected to continue throughout 2009 and into 2010.

"Experts said they expected the official poverty rate, which rose to 13.2% of the nation from 12.5% in 2007, to keep climbing this year and next, reversing the progress made in the 1990s.

With the U.S. unemployment rate averaging 8.9% this year and increasing almost every month, compared with 5.8% in 2008, incomes are likely to deteriorate further as well.

The median household income -- the point at which half were more and half were less -- fell 3.6% to $50,303 last year from 2007, the Census Bureau said."

Full Story: U.S. poverty rate hit 11-year high in 2008

Source: Los Angeles Times, September 11, 2009