US household income declined last year, reflecting the first decline in median household income since the 2011 Great Depression in the pandemic’s economic blow, according to new data from the Census Bureau.
According to the census, median household income fell 2.9% between 2019 and 2020 to $ 67,500.
The impact on the economic outlook for US workers was highlighted by the decline in full-time workers in 2020. The census found that the number of people with full-time jobs fell by 13.7 million last year. This is the biggest drop since the agency began tracking this data in 1967.
The census found that low-income workers were at the mercy of full-time unemployment, with about 54% of these unemployment paying less than $ 34,000 a year.
Still, according to one indicator of poverty tracked by the census, the number of people in poverty actually declined last year, taking into account official development assistance, from stimulus to pandemic unemployment assistance.
“This shows the importance of our social safety net,” Liana Fox, head of the census poverty statistics department, said in a phone call on Tuesday to discuss the findings with reporters. ..
Poverty alleviation actually rose last year after the effects of stimulus payments, tax credits and other government benefits were removed, according to the census. So-called “official poverty alleviation” rose to 11.4% in 2020, an increase of 1 point. This is the first increase in poverty after a decline for the fifth consecutive year.
However, a more complete supplementary measure of poverty, taking into account income flows such as stimulus payments, actually showed that the proportion of poor people declined after aid was considered. .. Supplementary poverty measurements fell to 9.1% last year. According to the census, it is an increase of 2.6 percentage points from 2019.
Overall, multiple government stimulus measures and enhanced aid helped save nearly 12 million people from poverty during the pandemic recession.
— With report by Associated Press.
Household income in the United States declined in 2020, the first decline since 2011, the census says
Source link Household income in the United States declined in 2020, the first decline since 2011, the census says