United States reports rising income, falling poverty in 2016
15 September, 2017, 01:01 | Author: Barbara Daniel
Median household income hit $59,039 in 2016, an inflation-adjusted increase 3.2 percent over 2015. This means that the cut-off would change as overall median incomes rise or fall.
At the same time, the proportion of people living below the federal poverty limit - $20,160 for a family of three - inched down to 10.4 percent, a drop of less than 1 percentage point that is considered statistically insignificant.
Meanwhile, income disparity remains high. He said the opioid drug epidemic and high incarceration rates also diminish the economic prospects of men.
To be sure, a pay gap in favor of men still exists.
Meanwhile, incomes and health insurance coverage improved previous year, the bureau said in releasing results of its annual Current Population Survey.
And yet, beneath the peal of good news, there are some whispers of trouble. The figure the agency reported Tuesday was the highest on record.
During the 44-year period since 1973, income among women grew by roughly 30 percent as more skilled and trained women entered the market, gained experience, and were promoted to better-paying jobs.
"We have a new kind of class differentiation going on", Hirschl said. Most Upstate New York cities saw their rates drop or stay steady. The median income in the U.S.is now $59,000, which rose by more than $1,800 from $57,200 in 2015. "We're essentially back to about the same levels as 2007, just before the Great Recession".
The United Way offers a third measure in its ALICE Project. The median income for whites increased by 2% to $65,000; for blacks, by 5.7% to $39,500; and for Hispanics by 4.3% to $47,700. When the new open enrollment period starts November 1, "we're going to have to spend a lot of time clarifying things and educating people".
The remuneration of middle-class Americans touched the highest point ever recorded by the Census Bureau. Non-Hispanic whites accounted for 61.0 percent of the total population and 42.5 percent of the people in poverty. Of course, that was the a year ago of the Obama administration.
About 40.6 million people were living below the poverty line in 2016, defined as an annual income of about $24,500 for a family of four.
The gaps between the poorest and the wealthiest households are growing.
In 2016, income gains were widely shared among people of all backgrounds, with minority groups enjoying some of the biggest boosts. There is one Atlantic success story though - in 2005, one quarter of children in Newfoundland and Labrador were in low income households.
The sudden flatline followed a 31 percent rise in all men's median wages from 1960 to 1972.
The Census Bureau on Tuesday released state-level data only on health insurance coverage.
Elise Gould, senior economist at the Economic Policy Institute, said there were many positive aspects to the report but "we should not be popping the champagne corks".
"Women are more likely to be in the labour force now than they were in the past, so the last 10 years have just been a continuation of many of those trends".
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