Median household income is $59039, new US Census Bureau report says
- Author: Zachary Reyes Sep 14, 2017,
Sep 14, 2017, 21:22
The report includes localized information on what is known as the "Supplemental Poverty Measure", which takes a deeper dive into the factors that can affect whether a family lives in poverty. With household incomes rising, poverty has declined. The median income was $36,926 for Hispanic households, $33,766 for non-Hispanic white households and $26,759 for black households in 2016.
However, the census report indicates to the references of deeper apprehension among American workers and highlights warnings to continue economic advancement. There are just seven states that now have 12% or more of their population uninsured, down from 31 states in 2013, ahead of the introduction of Barack Obama's Affordable Care Act. Without more wage gains, momentum could slow.
The number of Americans living in poverty fell to 40.6 million from 43.1 million, lowering the poverty rate to 12.7% from 13.5% and placing it just marginally above the prerecession level.
"While these numbers reflect incremental improvement, they have not cancelled out peoples' experience with the most recent economic downturn".
"There's a danger that this is as good as it gets", explained Peter Atwater of Financial Insyghts.
But in 2016, which experienced the worst of the oil bust, tens of thousands of people lost high-paying jobs, likely holding back both of those energy-focused cities.
Economists, however, have been frustrated by the overall pace of wage growth, which has remained sluggish despite continuous job creation over a seven years.
Health insurance is an area where Michigan has been better than the national average, said Charles Ballard, economics professor at Michigan State University. "You have growing uncertainty that Washington will be able to create any sort of tax relief or infrastructure plan", Atwater said.
"We are definitely pulling ourselves out of the deep hole of the Great Recession", Gould said on a conference call with reporters.
"The longest expansion in USA history was in the 90s", when there was a decade of growth.
Much of that increase can be attributed to the spike in commodity prices over that 10-year period, helping resource-rich regions like Nunavut, Saskatchewan, Alberta and Newfoundland and Labrador post increases twice or three times the national average. The figure the agency reported Tuesday was the highest on record. Since 1967, however, incomes for those in the top five percent nearly doubled, while the median income has risen by less than one third. Whatever the combinations of reasons, the mid-point for men's income has been flat for 43 years, according to the Census Bureau.
Women earned 80% of male pay on average a year ago, up almost a percentage point and the first statistically significant increase since 2007. The minimum wage rises to $11.50 on January 1, 2018.