The typical American family now earns less in real terms than in 1989 after household incomes fell for the fifth consecutive year, highlighting how the sluggish recovery is curbing spending power even as the US Federal Reserve considers slowing its monetary stimulus.
The economic recovery’s failure to deliver any gains to middle America underscores the continuing challenge for the Fed, which will today decide whether to reduce its asset purchase from $85bn a month.
The figures will also add to pressure from the left for Barack Obama to appoint Janet Yellen, widely regarded as one of the policy makers most concerned about high unemployment, as the next Fed chair.
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