The U.S. Census Bureau announced this week that real median household income increased by 3.2 percent between 2015 and 2016.
Tuesday's report that median household income (adjusted for inflation) made a healthy climb previous year, surpassing its 1999 peak, doesn't come as a surprise.
In addition, the number of Americans living in poverty fell to 40.6 million from 43.1 million a year ago.
Some 28.1 million people lacked health insurance in 2016, down from 41.8 million in 2013.
- Same-sex couples continue to report a higher median income - men at $100,707, women at $92,857 - than opposite-sex couples at $87,605. "That's where households get the wherewithal to improve their lifestyle and have increased buying power", McBride says. The top fifth earners in the country make the same amount as half the country's incomes at all levels combined. Total employment rose by 3.3 million in 2015, with 2.4 million of those being full-time, year-round jobs and 900,000 being part-time jobs. The report shows that between 1960 and 2016, consumption poverty fell by 27 percentage points.
Yet the census report also points to the sources of deeper anxieties among American workers and underscores threats to continued economic progress. The overall income gap among racial groups persists, however. Older millennials (aged 25 to 34 years) also saw respectable growth to their median incomes.
But there are still 40.6 million people in poverty, the data shows.
The official poverty rate varies depending on household size and income. The median income was $36,926 for Hispanic households, $33,766 for non-Hispanic white households and $26,759 for black households in 2016.
- Fuelled by strong commodity prices, Nunavut and Saskatchewan saw median income grow 36.7 per cent and 36.5 per cent, respectively, between 2005 and 2015. The index, which represents the 500 largest publicly-traded companies in the United States, has grown by over 250% since its lowest point in March 2009 during the financial crisis.
As I've noted in the past, a median household income obscures substantial demographic differences.
And, the share of those without health insurance dropped to 8.8%, down from 9.1% a year earlier. If they don't, Baker said, it's unclear what will be the fate of the exchange and the people covered through it. Among the 31 states and the District of Columbia that expanded Medicaid, the uninsured rate is just 6.5 percent. Data for this year to measure the impact of the Liberal's $23-billion-a-year child benefit program won't be available for at least three more years. It is also below the $51,938 earned in the 2000 Internet boom, or the $52,222 earned in the 2007 property bubble when large-scale legal and illegal immigration provided employers with millions of alternative imported workers.
The changes are not statistically significant, however, as the margins of error for the estimates overlap.