When adjusted for inflation, incomes hit their highest level since 1967
By guest authors Janet Adamy and Paul Overberg from Wall Street Journal
American incomes rose sharply and poverty fell in the final year of the country’s decadelong economic expansion, according to Census Bureau figures released Tuesday.
Median household income was USD 68700 in 2019, up 6.8 % from the prior year. The poverty rate was 10.5 %, a drop of 1.3 percentage points from the year before.
The figures show how incomes improved during most of the last five years before the coronavirus pandemic drove the U.S. into a recession in February. When adjusted for inflation, incomes hit their highest level since 1967 last year.
“This will be the late-stage expansion high watermark benchmark, if you will,” said David Deull, principal economist at IHS Markit.