Household Income Rose Over 5% in 2015, Nearing Pre-Recession Levels

Sep 14, 2016, 00:46
Household Income Rose Over 5% in 2015, Nearing Pre-Recession Levels

The typical US household's income rose 5.2 per cent in 2015 to $56,516, the Census Bureau said Tuesday.

Last year's 5.2% annual gain in median incomes is the largest jump since the Census Bureau began releasing such data in 1967.

The real median income of households maintained by a foreign-born person increased by 5.3% while the median income of households maintained by a native-born person increased 4.4% from 2014 to 2015.

The Center for American Progress provides a collection of new resources for the media, academics, and policy professionals that also digs into the figures released today.

Black families continue to be the poorest households by race, earning median income of $36,900 a year ago, despite a 4.1 percent jump in income. It took six years to reach that point, a trend that likely has contributed to insurgent candidacies by GOP nominee Donald Trump and Sen.

Democrat Hillary Clinton has argued that the economy is improving under President Obama but that working families still need more help to get ahead. More females were in poverty than males. That is the largest decline in poverty since 1999.

The number of people living in poverty fell last year from almost 15 percent to 13 and a half- the greatest one-year drop in nearly 50 years, according to the White House.

The Census Bureau found rising family income and decreasing poverty. The biggest factor behind the increase is the steady rise in employment-particularly full-time, year-round jobs-says the Census Bureau.

Noncitizens, who tend to earn less and have higher workforce participation rates than native-born workers, saw some of the largest increases in incomes a year ago. Numerous jobs created in the early years of the recovery were in low-paying sectors, such as fast food restaurants and retail. "The news here is the growth rates".

Sen. Charles SchumerCharles SchumerCornyn: Spending bill will include foreign investor visa program EU's bite into Apple makes U.S. tax reform more appetizing Right seeks to kill the lame-duck MORE (D-N.Y.) called the income increase "excellent news" that should keep Democrats and Republicans focused on policies that raise middle-class wages.

Tuesday's numbers hint at how both sustained declines in unemployment and minimum-wage increases by states and local governments in recent years are lifting household incomes. That narrowed the gap between the two groups by the largest amount on record.

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