Middle class takes financial hit in most US cities this century
More than four-fifths of America’s metropolitan areas have seen household incomes decline this century
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The drivers of the middle-class squeeze vary from city to city, but some of the steepest income declines were seen in cities hit by industrial job losses in recent decades. Springfield, Ohio, saw incomes fall 27 per cent over the period, while the Detroit-Warren-Dearborn area of Michigan recorded an 18 per cent drop in incomes. Nationwide the number of manufacturing jobs shrank 29 per cent during the current century.
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Interesting FT article
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