Median Household Income Rises to Pre-Recession Levels
September 12, 2018
The U.S. Census Bureau has reported that in 2017, median household income rose 1.8 percent to $61,372. Due to changes in the Bureau’s calculation methods, this level is tied with 1999 and 2007. This indicates that wages have climbed back from losses incurred during the recession that began in 2008.
This marks the third straight year that median household income has increased. This is also the third consecutive year that saw a drop in the poverty rate. For 2017, the overall poverty rate was 12.3 percent, down from 2016’s rate of 12.7 percent.
Much of this is attributable to the number of Americans that went back to work. The number of full-time workers rose by 2.4 million in 2017.