After a lost decade, Americans finally have begun making real gains, according to a report released Tuesday by the U.S. Census Bureau.
Information released by the U.S. Census Bureau today shows a more than 3 percent increase in the median household income.
The median household income was $59,000, up 3.2 percent from 2015.
Family median income for households rose 2.7% to $75,062 in 2016.
The median household income took a serious hit during and after the Great Recession. Still, almost 41 million Americans remained in poverty in 2016.
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The country's poverty rate fell 0.8 percent to 12.7 percent, which the Census said means 2.5 million fewer people lived in poverty a year ago than in 2015. Some 40.6 million of people were in poverty past year, 2.5 million fewer than in 2015.
For poverty, bureau said the rates were comparable.
The poverty rate declined to 12.7 percent, meaning two and a half million fewer people below the official poverty rate. Asian-Americans had the highest median income of any group, $81,400, but it was not statistically different than the previous year. This was the first time the female-to-male earnings ratio has risen since 2007, and there were an estimated 74.8% of working men with earnings and 62.2% of working women with earnings worked full time. There are just seven states that now have 12% or more of their population uninsured, down from 31 states in 2013, ahead of the introduction of Barack Obama's Affordable Care Act.
The percentage of Americans without health insurance fell three tenths of a percent to 8.8 percent. The top 20% of earners accounted for 51.5% of all income, versus 51.1% in 2015. The number of people without health insurance declined to 28.1 million from 29.0 million over the period. Women, on the other hand, boosted their annual income by 0.7 percent to $41,554, which contributed to a smaller gender wage gap.
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