Income jumps 3.7 for Hispanic Households while an increasing share of households moved out of Poverty.
Texas Insider Report: WASHINGTON D.C. This weeks latest economic figures revealed yet another unparalleled economic trend as Real Median Household Income in the United States hit $61372 in 2017 equaling the nations all-time high according to the U.S. Census Bureau. The positive announcement comes after last weeks announcement that blue-collar jobs are now growing at their fastest rate in more than 30 years and that hiring increases are taking place in key parts of the nation that turned out heavily in 2016 for President Donald Trump.
Americans incomes are rising and the strongest gains occurred in the West and Midwest.
At the same time a declining share of households are mired in poverty.
A big reason for the income gains is that more part-time workers were able to find full-time jobs in an improving labor market says Trudi Renwick Assistant Division Chief for Income Statistics at the Census Bureau.
The report on household gains during President Donald Trumps first year in office comes after a Trump-led tax cut was passed by the Republican-controlled Congress leading to an increase after-tax income for most Americans.
Across racial groups income increased:
- 2.6 for white households to $68145
- 3.7 for Hispanics to $50486
- and was unchanged for Asians and for blacks at at $81331 and $40258 each
Household income grew for the third consecutive year in 2017 and overall poverty rates edged down in a sign that the healthy economy is lifting Americans across the financial spectrum.
Median Household Income hit $61372 in 2017 an increase in real terms of 1.8 from the 2016 median of $60309" the Census Bureau said.
This is the third consecutive annual increase in Median Household Income."
The annual Income & Poverty Tables released yesterday by the Census Bureau showed Median Household Income with figures going back to 1967 and adjusted to constant 2017 dollars showed the $61372 median household income for 2017 was the highest in any year.
- The 2nd Highest Median Household Income peak was $60062 reached in 1999 (in constant 2017 dollars).
- The 3rd highest was $59534 in 2007 (in constant 2017 dollars).
2007.
The bureau explained that this was because the question that the Census Bureau asked people about their income was changed in 2014 and because of the margin of error in the data.
