Looking Forward to 2009 household income data.

The Census Bureau releases 2008 household income data (link to Wall Street Journal article). It is ugly, and remember that this only reflects the first relatively mild year of the recession. Of course, we had high inflation 2007-08 (remember $5 gas) and that impacts these real figures.

Median household income, adjusted for inflation, fell 3.6% last year to $50,303, the steepest year-over-year drop in forty years.

Although this is national data, some parts foreshadow what we can expect to see when the local data for the Valley is released.

The largest decline, 5.6%, was among Hispanics, a reflection of disappearing construction and service jobs.