U.S. Census Bureau released its annual report on poverty and income in the United States. Income and Poverty in the United States: 2015 presents data on income, earnings, income inequality, and poverty in the United States based on information collected in the 2016 and earlier Current Population Survey Annual Social and Economic Supplements (CPS ASEC) conducted by the U.S. Census Bureau.
While the report indicates progress in a number of areas, it also indicates the need for continued work on a number of fronts. Report highlights include:
HOUSEHOLD INCOME: Real median household income increased by 5.2 percent from $53,718 in 2014 to $56,516 in 2015. This is the first annual increase in median household income since 2007, the year before the most recent recession.
POVERTY: The nation’s official poverty rate in 2015 was 13.5 percent, with 43.1 million people in poverty, 3.5 million fewer than in 2014. The 1.2 percentage point decrease in the poverty rate from 2014 to 2015 represents the largest annual percentage point drop in poverty since 1999.
POVERTY AMONG CHILDREN AND YOUTH: Despite the lower overall poverty rate, America’s young people continue to experience poverty at very high rates, which is concerning given the research base that demonstrates the lifelong consequences of poverty in childhood. While showing a slight decrease from 21.1 percent in 2014 to 19.7 percent in 2015, this still puts the U.S. childhood poverty rate at nearly 1 in 5 children.
Income and Poverty in the United States: 2015 is available for downloading at https://www.census.gov/library/publications/2016/demo/p60-256.html.