Middle class income rises again — now up to $61,400

Americans’ finances are continuing to improve.

Median household income rose to $61,400 in 2017, up 1.8% from a year earlier, according to data released by the US Census Bureau on Wednesday.

The report is the first look at the nation’s fortunes under the Trump administration. The increase continues a streak of strong income growth that began in 2015 during President Barack Obama’s second term. Median income grew 3.2% in 2016 and 5.2% the year before.

Median household income rose to $61,400 in 2017, up 1.8% from a year earlier, according to data released by the US Census Bureau on Wednesday.

The report is the first look at the nation’s fortunes under the Trump administration. The increase continues a streak of strong income growth that began in 2015 during President Barack Obama’s second term. Median income grew 3.2% in 2016 and 5.2% the year before.
Median income is now statistically tied with where it was in 2007 and in 1999, according to Census officials. (The agency changed its methodology so dollar figures prior to 2013 aren’t comparable to current numbers.)

The Top 5% of Americans saw stronger growth — their incomes jumped 3% last year.

“Today’s data show a marked slowdown in the pace of improvement relative to the previous two years,” said Elise Gould, senior economist at the left-leaning Economic Policy Institute. “While any reduction in poverty or increase in income is a step in the right direction, most families have barely made up ground lost over the past decade.”

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