Key Points: The Census Bureau released data showing 2019 was a record year for declining poverty. The U.S. poverty rate in 2019 was 10.5%, down 1.3% from 11.8% in 2018. This represents 4.2 million Americans lifted out of poverty in 2019. The 10.5% poverty rate is the lowest rate on record, dating back to 1959.

KEY POINTS: The U.S. Census Bureau released data on income inequality and poverty in 2019. One metric that economists use to measure income inequality is the Gini Coefficient where a higher value indicates more inequality. The chart above compares the change in the Gini Coefficient between 2008 and 2016 against the change from 2016 to […]

KEY POINTS: Real median income rose by 6.8%, or $4,400, to $68,700 in 2019. This was the largest increase in real median household income on record. Median household income grew by 5.9% for White Americans, 7.1% for Hispanic Americans, 7.9% for African Americans, and 10.6% for Asian Americans. Since 2019, median household income has risen […]

Key Points: The U.S. Census Bureau released data showing 2019 was a record year for income gains and declining poverty. Median household income increased by 6.8% in 2019 to an all time record high. Percentage of people in poverty declined by 1.3% points which was the largest reduction in poverty in over 50 years.

Analysis: The Gini index, a measure of income inequality, fell 0.7 percent in 2018. This indicates that the level of wealth inequality has declined. Economist Corner: The Gini index is a statistical measure of income inequality where 0 indicates all households having the same share of income and 1 indicates one household has all the […]

The growing economic pie accrued more to low and moderate income Americans in 2018 compared to 2017. In fact, the lowest quintile of earners saw the largest income increases as a share of total income. The largest income increases as a share of total income were experienced among low and moderate income households even when […]