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This publication includes a wide variety of data on family incomes, wages, taxes, unemployment, wealth and poverty that enables a close examination of the effect of the economy on the living standards of the American population. The analysis examines trends affecting workers and their families over the post-World War II period. Economic outcomes are judged using historical data as a benchmark. Three major developments emerge from the analysis: (1) that, from 2000, the American labour market began to move into a recession for the first time in a decade; (2) that this recession comes after several years of persistently low unemployment; and (3) that the long-term trend of increased hours of paid work by America's families continued through the late 1990s. The living standards of most American families are reliant upon success in the labour market. The recent recession and ensuing 'jobless recovery', i.e. increased production accompanied by rising unemployment, have therefore had a serious impact on living standards for many American families. A regional analysis examines the state of the economy in each of the regions and states of America. An international comparison is included to compare the economic performance of America to that of 19 other wealthy, industrialised nations belonging to the OECD.