The inflation-adjusted median income of U.S. households rebounded last year to roughly its 2019 level, overcoming the biggest price spike in four decades to res
FILE - People gather near an electronic display of an American flag in Times Square in New York on Aug. 9, 2024.
The latest data came Tuesday in an annual report from the Census Bureau, which said the median household income, adjusted for inflation, rose 4% to $80,610 in 2023, up from $77,450 in 2022. It was the first increase since 2019, and is essentially unchanged from that year's figure of $81,210, officials said. COVID-19 government disaster loans saved businesses, but saddled survivors with debt
Former President Donald Trump might counter that household income grew much faster in his first three years in office than in the first three years of the Biden-Harris administration, though income fell during his administration after the pandemic struck in 2020. The jump in incomes reflects solid job creation last year, which helped reduce the unemployment rate to a half-century low of 3.4% in April 2023. The proportion of Americans in the so-called prime age group of 25-to-54-year-olds with jobs averaged 80.7% last year, the highest level in 23 years. Economists often focus on prime-age workers because they exclude younger people, who are often still in school, and older workers, who are more likely to retire or reduce their hours.
Median Income Purchasing Power Poverty Rate Household Income Job Creation Census Bureau Economic Recovery
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