Household income in 2015 grew at fastest rate on record

Americans got a raise in 2015, as the U.S. median household income rose 5.2% to $56,516, according to new data from the U.S. Census Bureau.

But income of the typical U.S. home still remained below that of 2007, the year before the most recent recession, when median household income was $57,423. That was the last year that U.S. homes saw an annual increase, the bureau said.

In 2014, the median income was $53,718, the bureau said in its report Income and Poverty in the United States: 2015, released Tuesday.

Income in the median U.S. household peaked in 1999 at $57,909, the bureau says. The median is the middle point in which half of households would make more money, while half would fall below that point.

Still, the household income grew at the fastest rate on record, said Council of Economic Advisers Chairman Jason Furman in a blog post on the White House website. The report, he said, "shows the remarkable progress that American families have made as the recovery continues to strengthen. ... Income grew for households across the income distribution, with the fastest growth among lower- and middle-income households."

He also noted that the poverty rate fell faster than at any point since 1968, and the rate of those without health insurance also declined. The official poverty rate fell 13.5% with 43.1 million in poverty, 3.5 million less than in 2014, the bureau said.

Those without health insurance coverage for the full 2015 calendar year fell to 9.1% or 29 million people, down from 10.4% or 33 million in 2014, the bureau said in a separate report Health Insurance Coverage in the United States: 2015.



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