The Census Bureau said in its Income, Poverty and Health Insurance Coverage and Supplemental Poverty Measure report that median household incomes increased 1.8 percent to $61,400 a year ago.
Although the household income level is considered to be the highest ever recorded, census officials say it is about the same, when adjusted for inflation, as in 1999 and 2007. "When you adjust for the change, median household income in previous years was just as high".
The poverty rate also dropped a meager 0.4 percent between 2016 and 2017, while the number of Americans without health insurance stayed stagnant despite 2.4 million more people finding full-time jobs.
The increase in household income over the past year comes as the poverty rate in America has declined and more Americans are participating in the workforce. "In 2017, however, well-worn patterns of inequality reemerged, with stronger growth at the top than for typical households", Gould added. "All the income figures have been adjusted for inflation and are reported in 2017 dollars", writes the Washington Post.
US household incomes rose again in 2017, according to Census Bureau figures released Wednesday that suggest more Americans are benefiting from the strong economy.