Household Incomes Rose |Sharply in US in 2015

     (CN) – Household incomes across the United States rose sharply in 2015, after years of stagnation following the 2008 economic crisis, the Census Bureau reported Tuesday.
     The typical U.S. household’s income rose 5.2 percent in 2015 to $56,516, the government said.
     While the gain is significant, the report says the recovery is still incomplete, as the new, promising numbers remain below the median household income of $57,423 in 2007, when the U.S. economy lapsed into recession.
     The median is the point where half of households fall below and half are above.
     That said, the government’s annual report on incomes and poverty portrays suggests the recovery is starting to benefit a wider range of Americans.
     Median incomes picked up in all regions of the United States, across all age groups, and for most ethnic and racial groups, she said.
     The proportion of Americans in poverty also fell sharply last year, to 13.5 percent from nearly 14.8 percent. That is the largest decline in poverty since 1999. There were 43.1 million people in poverty last year, 3.5 million fewer than in 2014.
     The income gains and drop in poverty reflect ongoing gains in the job market. Americans are also likely benefiting from an increase in middle-income jobs. Many of the jobs created in the early years of the recovery have been in low-paying sectors, such as fast food restaurants and retail.

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