http://www.wsj.com/articles/cash-crunch-for-many-is-a-monthly-woe-1432094467
The recession exacerbated the income insecurity. Some 18% of families
reported their actual income was temporarily below their usual income
in 2013, according to a Federal Reserve study published last year. That was down from 25% in 2010, but up from 14% before the recession hit in 2007.
Stagnant
wages have added to the problem. Incomes rose 22% for the average
household from 1979 to 1999, according to the Pew Charitable Trusts,
fueling swift gains in consumption that masked growing volatility.
Incomes grew just 2% from 1999 to 2009, and have been flat since then
for most workers.
Additionally, around 7.1 million Americans, or
nearly 5% of the workforce, held multiple jobs in April. Meanwhile, some
6.6 million Americans had part-time jobs but wanted full-time work.
While that is down from more than 9 million in 2009, it is still more
than 40% above the pre-recession level.
J.P. Morgan’s inaugural
report from its new in-house data lab is one of the first to examine
month-to-month swings in both income and consumption, drawing on
detailed account information from a sample of 2.5 million account
holders.
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