Median household income has been on the rise for the past
three years, climbing 3.8% to $53,891 in June, according to newly released data
by Sentier Research. It's yet another indication that the economic recovery is
taking hold. But Americans have yet to fully heal from the Great Recession,
which officially ended five years ago. Median income remains 3.1%
below its June 2009 level of $55,589. That's in large part because unemployment
remained high in the early years of the recovery.
Though many people are doing better nowadays, the gains are not
spread evenly. After suffering deep declines early in the recovery, black
households have seen their median income rise by 3.5% over the past three
years. Hispanics, meanwhile, were not as fortunate recently -- their income has
remained essentially flat since 2011.
Young adults finally saw their incomes rebound strongly in
recent years, while others had smaller increases. Looking back five years, only
senior citizens have enjoyed a jump in median income, possibly because
wealthier Baby Boomers have moved into this age group. Those approaching
retirement experienced the steepest decline, 6.4%, while the median income of
workers in their prime, age 35 to 55, slipped between 3.1% and 5.2%.
Where one lives also makes a difference. Midwesterns
experienced a surge in median income since 2011, boosting them back to
pre-recovery level. Southerns' median income, however, is still 6.1% below its
June 2009 level, while Northeasterns and Westerns saw their median income slip
about 4%.
Americans' median income is still 4.8% lower than it was at
the start of the Great Recession in December 2007 and 5.9% below its January
2000 level.
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