US Losing Economic Ground, Poverty Increasing

Local Editor

According to the findings of a new report, around 46.2 million US citizens were living below the country's poverty threshold in 2010, AFP reported on Tuesday. The report further added that 49.9 million US citizens lived without health insurance coverage compared to 49 million in 2009. By that, the US in August experienced its first month of zero job growth since 1945.

The results show that the citizens of the world's largest economy have been losing economic ground as real median incomes had in 2010 fallen by 6.4 percent compared to pre-recession levels in 2007.

Moreover, the US Labor Department had earlier in the month reported that Nonfarm payroll employment had been unchanged in August, and that the unemployment rate stood at a steady 9.1 percent.

According to analysts, the failure of the economy to generate new jobs shows many employers believe the country to be heading towards a double-dip recession.

2011marks the fourth consecutive year in which poverty has increased.