Newspaper article St Louis Post-Dispatch (MO)

American Household Income Finally Topped 1999 Peak Last Year

Newspaper article St Louis Post-Dispatch (MO)

American Household Income Finally Topped 1999 Peak Last Year

Article excerpt

WASHINGTON * In a stark reminder of the damage done by the Great Recession and of the modest recovery that followed, the median American household last year finally earned more than it did in 1999.

Incomes for a typical U.S. household, adjusted for inflation, rose 3.2 percent from 2015 to 2016 to $59,039, the Census Bureau said. The median is the point at which half the households fall below and half are above.

Last year's figure is slightly above the previous peak of $58,665, reached in 1999. It is also the first time since the recession ended in 2009 that the typical household earned more than it did in 2007, when the recession began.

The median U.S. income has now posted solid gains for two straight years. Yet that growth came after a steep recession and a slow recovery that left most American households with only meager pay increases. …

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