“Typical family incomes rose to new record highs in 2017, and poverty subsided to pre-recession lows, the Census Bureau reported Wednesday.”
Incomes hit new record high and poverty fell to pre-recession low in 2017
September 12, 2018
Typical family incomes rose to new record highs in 2017, and poverty subsided to pre-recession lows, the Census Bureau reported Wednesday.
Median household income rose to $61,400, according to the bureau’s Current Population Survey, improving 1.8 percent on the previous year’s mark of $60,300. Over the past two years, median incomes appear to have eclipsed, finally, the all-time high set in the dotcom bubble year of 1999, adjusting for inflation.
As the economy recovery extended into President Trump’s first year in office, incomes appeared to reach new all-time highs.
Incomes have also been boosted by greater employment, and more people working full time rather than part time.