New data from U.S. Census Bureau was released today on income, poverty, and health insurance coverage. And it is the second year of very strong growth in incomes.
A stronger USA economy lifted American household incomes past year and drove the poverty rate down to the level seen before the financial crisis.
The Census Bureau also released its Supplemental Poverty Measure, which takes into account government assistance and certain expenses not factored into the official poverty rate.
However, the census report indicates to the references of deeper apprehension among American workers and highlights warnings to continue economic advancement. The mean household income for the poorest fifth of households fell by $571 over the decade that ended past year, adjusting for inflation.
Despite an overall rise in income, escalating inflation means British Columbians are earning less now on average than they were a decade ago.
The Census Bureau said that because of changes in reporting income from this survey, it was not making comparisons to data before 2013.
The Atlantic provinces and Quebec had the lowest median incomes in the country in 2015, just as in 2005, although there were wide variations in Quebec.
The report found that if you live in "family household", the median income for the household was $75,063. Those in the 90th percentile of earnings saw their real incomes grow roughly 10.6 percent. Households with the highest incomes were in the Northeast ($64,390) and the West ($64,275) followed by the Midwest ($58,305) and the South ($53,861). Women earned 80.5 percent of men's earnings, up from 79.6 percent in 2015. Consumer prices rose 1.3% in 2016, up from a 0.1% gain in 2015, according to Labor Department data. While this number is still higher than it should be, it was actually 2.5 million fewer people than were recorded in 2015. As more Americans find jobs or move into full-time work, households are seeing their incomes rise. Alaska, home of the famous oil revenue checks for every man, woman and child?
In 2016, there was no significant change in America's income inequality, as measured by the Gini coefficient. Average incomes among the wealthiest 5 percent climbed 5.5 percent to $375,088. Only one demographic group saw poverty increase slightly. They did say that increased employment is driving these numbers.
He noted that the poverty rate was 15.3% in Florida and 15% in Texas before those states were hit hard by massive storms.
That number fell by 2.5 million from 2015, driving the poverty rate down from 13.5% to 12.7%.
- · In 2016, 9.3 percent of people age 65 and older were in poverty, statistically unchanged from 2015.