A U.S. Census Bureau report released Tuesday showed that median household income in 2015 jumped 5.2 percent from a year earlier, after adjusting for inflation, according to CNN Money.
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“From 2014-2015, we had very low inflation”, Cooper said, “and that means that any increase in household or family incomes really translated into a significant or meaningful improvement in those household’s quality of life”.
Name SearchWatch Service’ Federal Reserve Bank of NY, in 2014 and 2015 the growth of middle-income jobs in sectors such as shipping and construction outpaced the gains in lower-paying and higher-paying work. “Income growth is a fundamental driver of buyer demand”, Richardson said. As The Washington Post reports, it’s actually the fastest increase on record, and the bottom 20% of workers were the ones who actually saw their incomes rise the most.
Also, the larger picture of wealth inequality in the wake of the recession demonstrates the degree to which poor and middle class Americans have fallen behind elites. His campaign had not released a statement on the new Census report as of mid-day Tuesday. The increase in household income is the largest in a single year since we began collecting these data in the 1960s.
“The ratio of earnings for women working full-time, full-year to earnings for men working full-time, full-year increased to 80 per cent in 2015, the highest on record”, Mr Furman said.
Median incomes picked up in all regions of the United States, across all age groups, and for most ethnic and racial groups, she said.
The supplemental poverty measure – an alternate way of gauging poverty, which takes more factors into account – also dropped significantly, falling by 1 percentage point to 14.3 percent. The Current Population Survey Annual Social and Economic Supplement was conducted nationwide and collected information about income and health insurance coverage during the 2015 calendar year. The Census Bureau found 29 million people, or 9.1% of Americans, lacked health insurance in 2015. In 2007, the median household was earning about $2,500 more than they are today; back in the heady dot-com days of 1999, they took home over $3,000 more. The median is still 1.6 percent lower than in 2007, before the recession.
The news runs counter to the widely held belief that the average American is seeing his economic fortunes decline. Republicans may also want to retire the line about electing Hillary Clinton equaling four more years of President Obama, because right now, another four years of the current progress is looking pretty good to most Americans. Asians are the highest-earning households, with median income of $77,166 previous year, although the income didn’t represent a statistically significant change.
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The new report shows that those gains were broad-based. By comparison, the bottom 10 percent earned just $13,300 past year, only a little higher than their inflation-adjusted $10,100 in income in 1967.
