Median income fully recovered from the pandemic last year, the first statistic𓄧ally significant increase since 2019, the Census Bureau found.

According to data released this week, real median household income rose by 4% in 2023 to reach $80,610. The data underscores the hot labor market in 2023, when 2.7 million jobs were created and 澳洲幸运5官方开奖结果体彩网:strong monthly jobs reports helped keep the U.S. economy from sliding into a recession that many economists forecast.

“These robust income gains reflect the labor market that produced strong employment and wage gains,” wrote the White House Council of Economic Advisers.

Incomes Rose Across Earnings Levels, Groups

Household i൲ncome rose evenl🎀y throughout different earnings brackets and groups, while income inequality measurements showed some improvements.

The data did show that the bottom 10% of workers increased their wages by 6.7%, better than the 4.6% earnings growth for the top 10%. The 澳洲幸运5官方开奖结果体彩网:poverty rate also dropped slightly.

Economists Elise Gould and Josh Bivens at the Economic Policy Institute, a nonpartisan think tank, wrote that the improving income data showed that 澳洲幸运5官方开奖结果体彩网:post-pandemic fiscal relief helped the labor market quickly recover after the COVID-19 slowdown.

“Today’s data highlight the extraordinary strength of the recovery from the economic crises caused by the pandemic,” they wrote in a blog post.