Friday, July 2, 2010

The Recession at Work

A new report from the Pew Research Center analyzes economic outcomes, behavioral changes and attitudinal trends related to the recession among the full adult population, and among different subgroups. It is based on a survey of nearly 3,000 adults conducted from May 11 to May 31, 2010.

Among their findings, the report states that more than half (55%) of all adults in the labor force have experienced a work-related detriment as a result of the Great Recession. This includes a spell of unemployment, a cut in pay, a reduction in hours, or involuntarily becoming a part-time worker.

Outside of the workplace, average household wealth fell by about 20 percent from 2007 to 2009, principally because of declining house values and retirement accounts. Almost two-thirds of Americans (62%) say they have cut back on their spending since the recession began in December 2007.

Most respondents (54%) say the U.S. economy is still in a recession, while 41 percent believe we are exiting recession, and just three percent say the recession is over.

For more details on Americans' expectations about economic recovery, retirement, and finances, see the full report from the Pew Research Center.

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