Tuesday, September 13, 2016

Americans' Median Income Increased 5.2% In 2015

(graphic via CNN)
For the first time since 2007, the year before the Great Recession, the median household income increased to $56,516, up 5.2% from the previous year, according to data released by the Census Bureau today.

The 5.2% represents one of the largest annual increases since the Census Bureau began tracking such data.

Expect the good news to become campaign trail talking points for both Democrat Hillary Clinton and Republican Donald Trump.

Trump has regularly made the point that household incomes are $4,000 lower than in 2000. And that would be true if we were talking 2014 data; Trump often uses the 2014  numbers as if they are current.

Look for Clinton to point to the news as evidence that the economy is improving.

Additionally, the poverty rate dropped 1.3% to 13.5% in 2015.

So what constitutes for the big jump in median income? 3.3 million more Americans were working full-time. Data shows 1.4 million more men and 1 million more women had jobs last year.

(source)

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