Soaring consumer prices aren't fading as quickly as hoped. But the average American income was essentially flat last year:
24/7 Wall St. reviewed median household income data to determine the richest metro areas in the United States. Here are the top five.The inflation-adjusted median U.S. household income fell 0.6% from the 2020 estimate of $71,186 but the change was deemed "Income estimates are expressed in 2021 dollars to reflect changes in the cost of living
from a year earlier, the Labor Department's Consumer Price Index reported Tuesday, a slight drop from 8.5% in July.a 2.9% drop in 2020When breaking down the 2021 median incomes by region, the figure was highest in the West and Northeast followed by the Midwest and South . That figure was also essentially unchanged from 2020, when the official poverty rate rose for the first time in six years. , a broader measure of poverty that includes both cash and noncash benefits and subtracts necessary expenses, fell 1.4 percentage points from 2020 to 7.8%. That is its lowest rate since the estimate was first published in 2009.
Refundable tax credits, including the child tax credit, kept 9.6 million people out of poverty while stimulus payments moved 8.9 million people out of poverty, the agency said. Inflation remains high, sending stocks tumbling, even as lower gas prices ease consumer pain, CPI report showsThe number of people with health insurance coverage for at least some of calendar year 2021 went up 0.4 percentage points to 91.7%.
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