People on the entire had been doing properly financially heading into 2020, with main markers like unemployment reaching 50-year lows. The pandemic modified all that: Throughout the second quarter of the 2020 fiscal yr, our nation’s actual GDP fell by a whopping 31.4%, a quantity that hasn’t been seen for the reason that Nice Melancholy. Since then the GDP has recovered, the primary quarter of 2022 was 11% above the fourth quarter of 2019.
Whereas GDP has recovered for the reason that peak of the pandemic, wage development has not saved tempo with inflation. In 2021 common hourly wages elevated 4.7% whereas there was 7% inflation, which means the employee’s buying energy dropped by 2.4%.
The place you reside could make a big effect in your monetary state of affairs. The very best incomes county within the U.S. earns $147,111, whereas the bottom earns $22,292. Stacker compiled a listing of the lowest-earning counties in Pennsylvania utilizing knowledge from the U.S. Census Bureau. Counties are ranked by the Census’ 2020 5-year estimate median family earnings.
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