Data Show Recession Deeper Than Believed
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U.S. residents felt more of a pinch from last year’s recession than previously thought, with incomes rising more slowly than estimated earlier, according to government data.
The Commerce Department said personal income rose 3.7% last year, less than the 4.9% reported last month.
On a per-person basis, the gain was 2.7%, a sharp slowdown from the 5.8% rise in 2000 and the smallest increase since the last recession in 1990-91. Still, it was enough to keep consumers ahead of prices, which rose 1.6%.
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