Median household income in the U.S. rose to around fifty six thousand five hundred dollars last year. According to Census Bureau data, incomes rose among African American families, Hispanic families, Asian Americans and Caucasians. As indicated by writer Neil Irwin, it also increased for young people and among households headed by middle aged adults and older people.
In other words, the increases in household income last year were across the board and reflected a meaningfully improving labor market. Rising incomes also reflected lower oil prices. Oil prices fell dramatically last year, which pulled down overall inflation. That allowed the after inflation income gain look better. While many will point out that the current economic expansion is not nearly as vigorous as prior economic recoveries, along certain dimensions, the current expansion is better.
For instance median household income actually rose more rapidly between two thousand and ten and twenty fifteen than it did between two thousand and two and two thousand and seven. Real income gains have also been better among the bottom twenty percent of income earning families over the past five years than they were during the mid-two thousands.
