Just in case you haven’t been paying attention, the USDA’s Economic Research Service projects that
ERS forecasts total net farm income at $54.0 billion in 2009, down $33.2 billion (38 percent) from the preliminary estimate of $87.2 billion for 2008. The 2009 forecast is $9 billion below the 10-year average of $63.2 billion in net farm income.
For 2009, the report projects average family farm household income at $75,895, down 5.2 percent from 2008, and 8.0 percent below the five-year average for 2004-08. In 2009, the average family farm is forecast to receive 7.6 percent of its household income from farm sources, with the rest from earned and unearned off-farm income.
The full report is available from USDA/ERS.