#US HOUSEHOLD BUDGET PERCENTAGES 2017 CODE#
#US HOUSEHOLD BUDGET PERCENTAGES 2017 SERIES#

In short, the last three years should not make us forget that incomes for the majority of Americans have experienced a lost 17 years of growth.Ĭopy the code below to embed this chart on your website. Altogether, from 2000–2017, the median income for non-elderly households fell from $71,577 to $69,628, a decline of $1,949, or 2.7 percent. It’s important to note that the Great Recession and its aftermath came on the heels of a weak labor market from 2000–2007, during which the median income of non-elderly households fell significantly, from $71,577 to $69,098-the first time in the post-war period that incomes failed to grow over a business cycle. Median household income for non-elderly households, which finally recovered to its pre-recession level in 2017, was 0.8 percent, or $530, above its level in 2007. This continued, albeit slower, increase after large gains in the prior two years is a welcome trend. Median non-elderly household income is an important measure of an improving economy, as those households depend on labor market income for the vast majority of their income. The Census data show that from 2016–2017, inflation-adjusted median household incomes for non-elderly households (those with a head of household younger than 65 years old) increased 2.5 percent, from $67,917 to $69,628.

#US HOUSEHOLD BUDGET PERCENTAGES 2017 SERIES#

However, as discussed below, this year’s report reminds us that the vast majority of household incomes (when corrected for a break in the data series in 2013) have still not fully recovered from the deep losses suffered in the Great Recession. In 2017, year-over-year inflation was 2.2 percent compared to 1.3 percent in 2016. Part of this year’s slowdown in income growth relative to 2016 is likely driven by a small increase in the pace of inflation. While the gains in household income are markedly slower than in previous years, they nonetheless represent another small step toward reclaiming the lost decade of income growth caused by the Great Recession. This year’s report is hence a bit discouraging earnings for low and middle-income workers need to make strong and sustained gains if we are to have an economy that works for typical American households and not just for the well-off. Men’s earnings are still below their 2007 level (by 2.5 percent points), while women’s earnings are now 0.9 percent above. However, inflation-adjusted full-time annual earnings for both men and women fell by 1.1 percent in 2017. Median household incomes rose 1.8 percent, after an impressive 5.1 percent gain in 2015 and a 3.1 percent gain in 2016 median non-elderly household income saw a similar rise of 2.5 percent this year after gaining 4.6 percent and 3.6 percent in the prior two years, respectively.

Today’s report from the Census Bureau shows a marked slowdown in median household income growth relative to previous years.

Us household budget percentages 2017