Factoids

Series Factoid #2: Disappearing Middle Class - Mean Household Income Received by Each Fifth and Top 5 Percent in Selected Years 2002, 2007, and 2012

July 3, 2014  by in General   

The slow and even stagnant growth is strongly depicted by the middle and lower quintiles from 2007 to 2012.  While the Lowest Fifth of households increased their mean incomes by 16% from 2002 to 2007, they decreased by (-1%) from 2007 to 2012.  Both the Second Fifth and Third Fifth quintiles had minimal growth of 1.5% from 2007 to 2012 after increasing 16.5% in the previous 5 year span.

The Fourth Fifth household, traditionally the core of the furniture industry, had a steady increase of 18% from 2002 to 2007, but has shown a disappointing growth of only 4% in mean income from 2007 to 2012.  While the Highest Fifth gained most of it’s income growth from 2002 to 2007, it did increase by 8% the following five years. 

Unlike the bottom 80%, the Top 5 Percent kept up their steady growth rate from 2007 to 2012 by increasing 11% in mean household income – further widening the income gap from the rest of the population.   

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FastFact: The Wealthiest Grew Income by 11% in 5 Yearshttp://furniturecore.com/HFBusiness/HFBNow/ArticleID/11609/fastfact-the-wealthiest-grew-income-by-11-in-5-years.aspx