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changesinu.s.familyfinancesfrom 2010to2013 ...（changesinu.s。）.pdf

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changesinu.s.familyfinancesfrom 2010to2013 ...（changesinu.s。）

September 2014 Vol 100, No 4 ChangesinU.S.FamilyFinancesfrom 2010to2013:EvidencefromtheSurveyof ConsumerFinances JesseBricker,LisaJ.Dettling,AliceHenriques,JoanneW. Hsu,KevinB.Moore, JohnSabelhaus,JeffreyThompson,andRichardA.Windleof theBoard’sDivisionof ResearchandStatistics,preparedthisarticlewithassistancefromSebastianDevlin-Foltzand JacobKrimmel. TheFederalReserveBoard’striennialSurveyof ConsumerFinances(SCF)collectsinfor- mationaboutfamilyincomes,networth,balancesheetcomponents,credituse,andother financialoutcomes.1 The2013SCFrevealssubstantialdisparitiesintheevolutionof incomeandnetworthsincetheprevioustimethesurveywasconducted,in2010.2 Duringthethreeyearsbetweenthebeginningof the2010and2013surveys,realgross domesticproductgrewatanannualrateof 2.1percent,thecivilianunemploymentratefell from9.9percentto7.5percent,andtheannualrateof change intheconsumerpriceindex (CPI)averaged2.3percent.3 Althoughaggregateeconomicperformanceimprovedsubstan- tiallyrelativetotheperiodbetweenthe2007and2010surveys,theeffectonincomesfor differenttypesof familieswasfarfromuniform.SeveralobservationsfromtheSCFabout familyincomesstandout:4 ‰ Between2010and2013,mean(overallaverage)familyincome rose4percentinreal terms,butmedianincomefell5percent,consistentwithincreasingincomeconcentration duringthisperiod (figure1). ‰ Someof the2010to2013growthdifferentialreflectedareturntotrend,afterthecyclical narrowingof theincomedistributionbetween2007and2010, whenlargedecreasesin topincomesassociatedwiththerecentfinancialcrisisreducedmeanfamilyincomemore thanmedianfamilyincome. ‰ Familiesatthebottomof theincomedistributionsawcontinuedsubstantialdeclinesin averagerealincomesbetween2010and2013,continuingthetrendobservedbetweenthe 2007and2010surveys.5 1 See box1,“TheDataUsedinThisArticle,”foragen