According to a report released by the US Census Bureau on Tuesday, inflation-adjusted household income increased in 2023, but a measure of the poverty rate also rose. The report provides insight into how American households fared as the economy recovered to pre-pandemic growth levels, job growth surged, and inflation eased.
The real median household income rose to $80,610 in 2023, a 4.0% increase from 2022. However, the poverty rate, adjusted for government support, edged up to 12.9% from 12.4% in 2022. The official poverty rate fell to 11.1% from 11.5%.
The report comes two months before the US presidential election, with the economy and inflation remaining key issues. The surge in inflation following the pandemic and its impact on household incomes after government support programs expired continue to be a concern.
In 2023, the economy posted stronger-than-expected growth, returning to its pre-pandemic path, with the unemployment rate falling to 3.4% in January 2023. Employment growth averaged around 250,000 new jobs per month, above the pre-pandemic average.
The Federal Reserve has kept interest rates above 5% since mid-2023 to reduce inflation, which has fallen from 7.1% in June 2022 to 2.5% currently.
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One Response
The numbers are meaningless, one way or the other, due to the large number of illegal aliens who are hard at work making money if they can, but not about to tell any government agency about it.