Still a Recession for Typical American Family?

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Published September 18, 2013

| FOXBusiness

It’s Fed day, finally! And the government released bleak statistics this week on household income. Plus, don’t tell Versace that home prices are rising. Here is the morning business outlook for Wednesday.

All eyes are on the FOMC Wednesday awaiting the 2pm ET announcement of its latest policy decisions, and investors are widely expecting the Federal Reserve to start tapering down its $85 billion bond-buying program, FBN’s Lauren Simonetti reports.

Federal Reserve Chairman Ben Bernanke delivers a press conference following the release at 2:30 pm.

And isn’t the job, housing, and stock market getting better? So, why does it feel like the recession for the typical American family? New Census Bureau data show that median household income was $51,000 last year: that is more than 8% below where it was before the recession in 2007. And 15% of Americans still live in poverty: that is $23,000 for a family of four, Simonetti reports.

Could Miami’s white-hot real estate market be cooling? Versace’s famous mansion on Ocean Drive is selling for $41.5 million at auction. That sounds like a lot of dough, but the 19,000 square foot house with a 24-carat gold mosaic pool listed last year for $125 million dollars.
Southwest Airlines (LUV) is tightening some of its perks. If you have to cancel your ticket, you must now call Southwest at least 10 minutes before your scheduled flight. If you do not, you can lose the value of that ticket and the rest of your reservation.

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http://www.foxbusiness.com/markets/2013/09/18/still-recession-for-typical-american-family/