The median household income in the US observed an increase of 3.2 percent. The current figure is $59,039. A factor that fueled the change is the ability of people to secure full-time jobs. However, the poverty rate fell to reach the lowest point ever seen in the country. In 2016, 40.6 million individuals in the country were living below the poverty line. The number is a drop from the poverty levels in 2015. It fell to 12.7 percent. Poverty levels concerning different racial groups exhibited the same trends as in earlier years. More black families were living below the poverty lines compared to the families from other ethnic groups. However, the households also experienced the strongest gains in 2016. Their median income grew by 5.7 percent up from what it was in 2015.
In the first time in ten years, the earnings of women rose compared to that of men. However, they still earned less compared to their male counterparts. In 2015 their income was 80 percent of that of men while in the following year the figure dropped to 79 percent. A census report from a survey of 95,000 homes in the country indicated that there were gains across different groups. They include racial, ethnic, and income groups.
The current numbers continue the longest economic expansion in the country. The economy is benefiting from six continuous years of job growth. The unemployment rate is currently at its lowest level since 2001. From 2015 to 2016, the number of people working in full-time jobs rose by 2.2 million.
The richest families in the US enjoyed the biggest gains. One fifth of the income earned in 2016 was made by the top 5 percent families. The same trend was present in 2015. The group also realized a growth of revenues by 5.5 percent. It is almost double the growth experienced by bottom 20percent families. The income of the lower group grew by just 2.6 percent.
These trends indicate that the US economy is getting stronger. They are a result of sustained growth in jobs in the country. The implementation of safety net programs also helps in the improvement of various aspects of the economy. They enable the low-income families to be able to find a footing.