U.S. Household Income Up, Poverty Down, Report Says

October 5, 2017 | By More

Leading Actuary Employment and Career Site Actuary.com Comments on Income, Poverty and Health Insurance Coverage from the U.S. Census Bureau’s Current Population Report Series

The median household income in the U.S. increased by 3.2 percent from 2015 to 2016, while the official poverty rate decreased by 0.8 percentage points, according to the U.S. Census Bureau’s Current Population report released on September 12, 2017.

“Household income increased in 2016 for the second consecutive year,” said Jay Rollins, owner of Actuary.com, a leading career website specializing in actuary job postings. “In other encouraging news, the poverty rate also declined for the second straight year and now sits at 12.7 percent, returning to a number not seen since 2007 – a year before the last recession began.”

Median household income in the United States was $59,039, up from $57,230 in 2015 marking the second consecutive annual increase in median household income. “Overall, the total number of people with earnings increased in 2016 by 1.2 million,” said Rollins. “Not only were more people working and earning in 2016 over 2015, but the number of year-round, full-time workers also increased by 2.2 million, suggesting a shift from part-time employment to full-time.”

“The number of people without health insurance coverage for the calendar year was also down in 2016,” said Rollins, dropping from 9.1 percent in 2015 to 8.8 percent last year. “Over half of insured Americans were covered by employer-based health insurance, followed by Medicaid which covered 20 percent of the population. Medicare and direct-purchase insurance both covered around 16 percent of the population, while military covered the remaining 4.6 percent.”


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