US Household Incomes Fall For Third Straight Year: Census Bureau
- In 2022, US inflation-adjusted household income dropped by the largest amount in over a decade, reaching a median income of $74,580 compared to $76,330 in 2021. This marks the third consecutive year of income decline, a trend seen in past recessions.
- Despite the decrease in overall incomes, income inequality in the US fell by 1.2% between 2021 and 2022, driven by a decline in real income among the middle and top earners. The poverty rate for the Black population also declined to 17.1%. However, child poverty rates rose significantly due to the expiration of government programs and stimulus payments.
- The Census Bureau data for 2022 revealed a decrease in the number of uninsured individuals to 7.9%. While the economy has bounced back from the initial pandemic downturn, Americans still perceive a recession due to slow wage growth and lower consumer sentiment.
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