​'Fastest ever' rise in US incomes, poverty drops

Claire heffron photo
Claire Heffron | FlashRatings | Wednesday, September 14, 2016 10:38 AM EDT
An annual report published Tuesday has found that average American incomes have increased by 5.2% last year, it is It’s the fastest growth ever recorded by the federal government. 

It is the biggest annual increase in median household incomes and the first recorded rise in American household incomes in eight years, since Obama’s government.

The report from the Census Bureau discovered the poverty rate dropped for all racial groups, in the steepest decline found since 1968.
There were 43.1 million Americans living in poverty last year, 3.5 million fewer than in 2014.

The government’s annual report on incomes and poverty highlighted  an economy that started to help a wider range of Americans, roughly a decade after the 2007-09 U.S. recession.

According to Census officials, last year about 2.4 million more Americans have found full-time year-round work.

Low inflation provided a vital boost: a typical price increase of about 2% would have reduced last year's earnings gain to roughly 3 %, and not 5.2%.

The Census Bureau found that for economic inequality measures did not show any statistically significant changes - even though poorer Americans saw the biggest percentage growth in their salaries.

The report discovered that median incomes only rose for workers in US cities, and not for rural workers.