The following excerpt is from an article that originally appeared on Newsmax Economy
The U.S. poverty rate fell for the second straight year in 2016 while median income rose to an all-time high of $59,000 as the economy made up ground lost during the 2007-2009 recession, federal government data released on Tuesday showed.
Median household income rose 3.2 percent from $57,200 a year earlier, according to a U.S. Census Bureau report. It surpassed the previous high of $58,665 in 1999 during the nation’s record 10-year economic expansion, although the agency said the figures were not directly comparable because of methodology changes.
“Real median household income has finally completed its nine-year slog of digging out of the ditch,” IHS Markit Executive Director Chris Christopher said, with more gains expected in 2017 and 2018.
Asked about the income jump, Census officials pointed to a rise in the number of people working more hours and more often even as wages appeared flat.
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