financetom
Economy
financetom
/
Economy
/
US inflation-adjusted income rose in 2023 while poverty rate edged up, Census data shows
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US inflation-adjusted income rose in 2023 while poverty rate edged up, Census data shows
Sep 10, 2024 11:45 PM

(Reuters) - U.S. inflation-adjusted household income increased but a measure of the poverty rate also edged up last year, the U.S. Census Bureau reported on Tuesday, offering a snapshot of how American households fared as the economy returned to pre-coronavirus pandemic growth levels, job growth boomed and inflation eased.

Real median household income rose to $80,610 in 2023, up 4.0% from 2022. The report also showed a main gauge of the nation's poverty rate, adjusted for government support such as food assistance and tax credits, rose to 12.9% from 12.4% in 2022. The so-called official poverty rate, meanwhile, fell to 11.1% from 11.5%.

The income and poverty data for 2023 comes two months before the U.S. presidential election. The shadow cast by a surge in inflation following the onset of the pandemic in early 2020, and how much that has squeezed pocketbooks of voters once government support programs designed to shore up household incomes expired, remains a key issue.

Last year saw the economy continue to post stronger-than-expected growth as it returned to its pre-pandemic path while the unemployment rate by January 2023 was 3.4%, lower than just before the health shock struck. While it ticked up to 3.7% by last December, that was still the lowest level in more than 50 years.

Employment growth averaged around 250,000 new nonfarm payroll jobs a month over the course of 2023, well above the 183,000 average over the decade preceding the pandemic.

The worst inflation in more than 40 years, meanwhile, continued to vex both households and the U.S. Federal Reserve. The central bank ratcheted up interest rates to more than 5% by the middle of last year and has kept them there since, in a bid to reduce the pace of price increases back to the normal annualized trend of around 2%.

Inflation, by the central bank's preferred measure had fallen from a high of 7.1% on an annual basis in June 2022 to 5.5% at the beginning of 2023, before more than halving to 2.6% by last December. Inflation currently remains at 2.5%.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Redbook US Same-Store Sales Rise in Week Ended July 27
Redbook US Same-Store Sales Rise in Week Ended July 27
Jul 30, 2024
08:55 AM EDT, 07/30/2024 (MT Newswires) -- Redbook US same-store sales rose by 4.5% from a year earlier in the week ended July 27 after a 4.9% year-over-year increase in the previous week. Redbook noted sales slowed due to the heat wave in most parts of the country and due to the mid-July doldrums. Retailers are trying to clear summer...
US job openings edge lower in June
US job openings edge lower in June
Jul 30, 2024
WASHINGTON (Reuters) - U.S. job openings fell marginally in June and data for the prior month was revised higher, pointing to continued labor resilience that is underpinning the economy. Job openings, a measure of labor demand, had dropped 46,000 to 8.184 million by the last day of June, the Labor Department's Bureau of Labor Statistics said in its Job Openings...
Temasek Pours $30B Into US Amid Booming Economic Growth
Temasek Pours $30B Into US Amid Booming Economic Growth
Jul 30, 2024
In a recent move, Singapore’s state investor, Temasek, has declared its intention to pump as much as $30 billion into the U.S. market over the next five years. What Happened: Temasek’s investment strategy will primarily target sectors such as healthcare, financial services, and technology, Reuters reported on Tuesday. The U.S.’s leading position in the field of artificial intelligence (AI) has...
US home prices unchanged in May; annual gain smallest in 10 months
US home prices unchanged in May; annual gain smallest in 10 months
Jul 30, 2024
WASHINGTON (Reuters) - U.S. single-family home prices were unchanged in May and the annual increase was the smallest in 10 months as higher mortgage rates stifled demand, boosting housing supply. The unchanged reading in house prices followed a 0.3% month-on-month rise in April, the Federal Housing Finance Agency said on Tuesday. In the 12 months through May, house prices increased...
Copyright 2023-2025 - www.financetom.com All Rights Reserved