The U.S. median household income rose to a record last year and the poverty rate fell, as steady economic growth helped improve the lot of more Americans, according to annual data from the U.S. Census Bureau released Tuesday.
Highlights of Income and Poverty (2016)
Median, inflation-adjusted household income increased 3.2% to $59,039 last year, from $57,230 in 2015 Median incomes for black and Hispanic households rose at more than double the rate of white households; female householders outpaced males. Poverty rate declined to 12.7% from 13.5%; represented 40.6 million Americans
The results show improving incomes helped to make a further dent in poverty in 2016, which was President Barack Obama’s final year in office.
Strength in the labor market likely played a role. The economy added 2.2 million jobs last year and the unemployment rate had declined to 4.7% by year end. It’s fallen further in recent months to a 16-year low.