Published: Thu, September 13, 2018
Economy | By

Median Household Income Rose 1.8% in 2017, Census Bureau Figures Show

Median Household Income Rose 1.8% in 2017, Census Bureau Figures Show

Middle class income smashed expectations and reached an "all-time high" across the United States in 2017, according to new statistics released by the United States Census Bureau.

The median USA household earned $61,372 a year ago, meaning half of the families in the country brought in more income than this and half earned less. Households can vary in size from a single person to multiple adults and children residing under the same roof, but the average US household has 2.6 people. The percentage of Americans without health insurance was essentially unchanged from 2016 to 2017 - staying at about 8.8 percent, or 28.5 million people - despite the overall economic boom.

"While any reduction in poverty or increase in income is a step in the right direction, most families have just barely made up the ground lost over the past decade", said Elise Gould, senior economist at the Washington-based Economic Policy Institute.

Middle-class income rose to a record level in 2017 as the strong economy lifted the fortunes of more Americans, the U.S. Census reported Wednesday.

The bureau also reported a decrease in the poverty rate and increase in earnings for all workers as the unemployment rate sunk throughout 2017.

Much of these gains in household income and workforce participation come as the economy's strength continues to climb in 2018.

The economy added 2.2 million jobs in 2017, with the unemployment ending the year at 4.1 percent.

Like this: