Fewer and fewer Americans are on food stamps, and the decline is only getting faster.
According to Paul Trussell, an analyst at Deutsche Bank, the number of people utilizing Supplemental Nutrition Assistance Program (SNAP) in June 2016 was down 4.7% from the same month a year before, and the number of households using SNAP was down 5.2% year-over-year.
"The month of June represents the biggest YOY decline in persons and households participating in SNAP in the program's history," said Trussell in a note to clients on Thursday.
The primary driver, according to Trussell, is the re-institution of work rules by states. During the financial crisis, the federal government allowed states to waive requirements regarding employment for SNAP recipients as the unemployment rate soared.
See how people across the United States use food stamps:
A sign on a frozen food case indicates that Electronic Benefit Transfer (EBT) and food stamps are accepted at the Dollar General Corp. store in Saddle Brook, New Jersey, U.S., on Saturday, Dec. 3, 2011. Dollar General is scheduled to announce earnings results on Dec. 5. Photographer: Emile Wamsteker/Bloomberg via Getty Images
UNITED STATES - OCTOBER 27: Del. Eleanor Holmes Norton, D-D.C., right, and D.C. resident Vanessa Sherrie shop at the Safeway on 14th St., SE, to kick off the National Food Stamp Challenge. The challenge asks participants spend $31.50 on a week's worth of groceries, which is the average allotment of the Supplemental Nutritional Assistance Program, formerly called Food Stamps. (Photo By Tom Williams/CQ Roll Call)
Supporters for passage of a new agriculture law rally near the U.S. Capitol in Washington, D.C., U.S., on Wednesday, Sept. 12, 2012. The farm legislation funds federal nutrition programs including food stamps, as well as subsidies to farmers that lower raw-materials costs for companies. Photographer: Rich Clement/Bloomberg via Getty Images
LOS ANGELES, CA - JUNE 17: Members of Progressive Democrats of America and other activists hold a rally in front of Rep. Henry Waxman's office on June 17, 2013 in Los Angeles, California. The protestors were asking the congressman to vote against a House farm bill that would reduce federal spending on the Supplemental Nutritional Assistance Program by $20.5 billion and affect food stamps and other services for the poor. (Photo by Kevork Djansezian/Getty Images)
LOS ANGELES, CA - JUNE 17: Gracie Shannon-Sanborn, 5, holds a sign as she joins her father Allen Sanborn (L) and members of Progressive Democrats of America and other activists as they hold a rally in front of Rep. Henry Waxman's office on June 17, 2013 in Los Angeles, California. The protestors were asking the congressman to vote against a House farm bill that would reduce federal spending on the Supplemental Nutritional Assistance Program by $20.5 billion and affect food stamps and other services for the poor. (Photo by Kevork Djansezian/Getty Images)
SAN FRANCISCO, CA - MAY 01: Volunteers sort carrots at the SF-Marin Food Bank on May 1, 2014 in San Francisco, California. Food banks are bracing for higher food costs and an increased demand for food from the needy as food prices are skyrocketing due to a reduction in food stamps and drought conditions in several states. (Photo by Justin Sullivan/Getty Images)
SAN FRANCISCO, CA - MAY 01: A worker wraps a pallet of donated produce at the SF-Marin Food Bank on May 1, 2014 in San Francisco, California. Food banks are bracing for higher food costs and an increased demand for food from the needy as food prices are skyrocketing due to a reduction in food stamps and drought conditions in several states. (Photo by Justin Sullivan/Getty Images)
EAST LANSING, MI - FEBRUARY 7: U.S. President Barack Obama speaks about the Farm Bill, or the the Agriculture Act of 2014, into law after speaking about the importance of the Farm Bill to America's economy at Michigan State University February 7, 2014 in East Lansing, Michigan. Obama signed the largely bi-partisan legislation that reforms the farm insurance program and trims the food stamps by one percent. (Photo by Bill Pugliano/Getty Images)
EAST LANSING, MI - FEBRUARY 7: The stage sits ready for U.S. President Barack Obama to sign the Agriculture Act of 2014 into law in the Mary Anne McPhail Equine Performance Center at Michigan State University February 7, 2014 in East Lansing, Michigan. Obama will sign the largely bi-partisan legislation that reforms the farm insurance program and trims the food stamps by one percent. (Photo by Bill Pugliano/Getty Images)
NEW YORK, NY - DECEMBER 05: Brooklyn residents receive free food as part of a Bowery Mission outreach program on December 5, 2013 in the Brooklyn borough of New York City. The Christan ministry says it have seen a spike in need since food stamps to low-income families were reduced in November with cuts to the federal Supplemental Nutrition Assistance Program (SNAP). (Photo by John Moore/Getty Images)
BELLE GLADE, FL - APRIL 14: Yosef Muslet, a local business owner in Belle Glade says that he knows many seniors in the town that qualify for SNAP but will not apply. The sign (L) for food stamps shows that the program is administered with a credit card like payment system. He thinks some seniors think that food stamps are still stamps from a book that can be embarrassing when used. Many low-income seniors qualify to participate in the S.N.A.P. (food stamps) program but do not receive the benefit, often because they are too proud or unaware of it. Photo by Michael S. Williamson/The Washington Post via Getty Images
WASHINGTON, DC- JULY 28: , Carl G. Purvenas-Smith (L) sells produce to Sunday Smith (C) and Vanessa Edwards at the Ward 8 Farmers Market Cooperative on Saturday, July 28th, 2012. Carl brings his produce from Terrapin Station Herb Farm in York, PA. Carl and several other farmers at the market accept cash, WIC coupons, food stamps, along with credit and debit cards. (Photo by Tracy A. Woodward/The Washington Post via Getty Images)
Senate Agriculture Committee Chair Sen. Debbie Stabenow, D-Mich., flanked by assistants, arrives to meet with other Farm Bill negotiators as they gather for a closed-door session on Capitol Hill in Washington, Wednesday, Dec. 4, 2013. There is agreement on many parts of the legislation but significant differences remain over funding for the Supplemental Nutrition Assistance Program, more commonly known as food stamps. (AP Photo/J. Scott Applewhite)
Temeka Williams, right, of Detroit, uses her bridge card tokens for a purchase from Elizabeth and Gary Lauber from Sweet Delights at the Farmer's Market in Detroit, Saturday, Sept. 11, 2010. (AP Photo/Carlos Osorio)
Tamika Ealy looks over the meat section at the K&G Food Mart in Detroit, Monday, May 8, 2006. Ealy, 22, said she tends to do most of her food shopping at the beginning of the month. In Michigan, as in most other states, the start of the month is when people get their food stamps and the aisles of K&G are flooded with shoppers. But as the weeks wear on, the traffic slows to a trickle. The drastic swings in customer traffic make it difficult to keep stores adequately staffed and stocked and wreak havoc on suppliers' delivery schedules, an association of small retailers and wholesalers says. (AP Photo/Carlos Osorio)
A sign on a frozen food case filled with ice cream and other desserts indicates that Electronic Benefit Transfer (EBT) and food stamps are accepted at the Dollar General Corp. store in Saddle Brook, New Jersey, U.S., on Saturday, Dec. 3, 2011. Dollar General is scheduled to announce earnings results on Dec. 5. Photographer: Emile Wamsteker/Bloomberg via Getty Images
In this photo taken Tuesday Oct. 1, 2013 volunteers gather food at the New Hampshire Food Bank in Manchester, N.H. to be delivered around the state. The temporary increase in food stamps also know as the Supplemental Nutrition Assistance Program expires Oct. 31, meaning for millions of Americans, the benefits that help them put food on the table every month wonât stretch as far as they have for the past four years. (AP Photo/Jim Cole)
PORTLAND, ME - NOVEMBER 23: Sindel Theberge, 7, points to a bag of Hershey's chocolate at at Mellen Street Market, which accepts EBT and food stamps, in Portland, ME on Monday, November 23, 2015. A new DHHS proposal is asking for a federal waiver to allow the department to ban purchase of junk food with EBT or food stamps. 'It's probably a good idea, it's not exactly nutritious to be buying candy,' Holly Plourde, Theberge's mother, said. (Photo by Whitney Hayward/Portland Press Herald via Getty Images)
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Recently, however, this policy has changed as the unemployment rate has now dropped to below 5% for the country.
"In 2009, the federal stimulus bill allowed states to waive the work requirement, which limited out-of-work adults to three months of SNAP benefits before they must find a job, in areas with high unemployment," said the note. "These waivers continue to end in many states either because 1) the federal government has not extended the waivers, or 2) state governors are opting out of them."
Twenty-two states have implemented new work rules in 2016, in addition to 15 that had already put them back in place in previous years.
In Trussell's mind, this decrease will not only impact the families rolling off of food stamps, but also companies that are large recipients of SNAP spending. Trussell said he expected negative sales impact at Dollar General (which actually mentioned the impact on their most recent earnings call), Dollar Tree, and Walmart.