Pew recants cost of financial crisis to households

The Pew Economic Policy Group on Friday announced that an addition error caused them to overstate the impact of the financial crisis on households. 

On Wednesday, the group claimed the financial crisis cost each household in the U.S. roughly $11,000. The real figure, on average, is closer to $5,800. 

"We incorrectly counted," said Gordon McDonald, who managed the project. 

The group essentially double counted a certain aspect of wages that was included in the overall income figure.

According to the updated findings, households lost on average nearly $5,800 in income due to reduced economic growth during the acute stage of the financial crisis, from September 2008 through the end of 2009.

Other figures in the original study were not affected by the error.