Middle class income smashed expectations and reached an “all-time high” across the United States in 2017, according to new statistics released by the United States Census Bureau.
The stunning report says the median U.S. household income reached $61,372 last year, meaning half of Americans are earning more than they did during the previous high reached in 1999.
The statistics are adjusted for inflation.
“Crossing the $61,000 mark was important as it signals the American middle-class is earning a little more than it did in 1999, although the Census Bureau cautions median income is still not ‘statistically significant’ from the late 1990s. All the income figures have been adjusted for inflation and are reported in 2017 dollars,” writes the Washington Post.
“We’re continuing to see a shift from part-time to full-time work, so some of that could explain an increase in income,” said a US official at the Census Bureau.
Read the full report here.
GREAT AGAIN: August Jobs SURGE, +201K, Unemployment at 3.9%
The United States job market continued to roar to life under President Trump and the GOP-controlled Congress this summer, with new data showing the economy added over 200,000 private payroll jobs in August.
Official statistics released by the Bureau of Labor Friday show the economy added 201,000 jobs in August; beating expectations of 191,000 and holding the unemployment rate at just 3.9%.
“Long-awaited wage growth posted a recovery high in August while payroll gains beat expectations and the unemployment rate held near a generational low of 3.9 percent, according to a Bureau of Labor Statistics report Friday,” writes CNBC.
“The biggest contributor to job gains was professional and business services, which added 53,000. Heath care grew by 33,000, wholesale trade rose by 22,000, and transportation and warehousing contributed 20,000 to the total,” adds the article.
Read the full story at CNBC.
GREAT AGAIN: April Tax Revenue Was BEST IN US HISTORY According to CBO
The Congressional Budget Office released new figures Tuesday showing the federal government took in a record-breaking tax haul in April; smashing previous budget estimates and signaling a growing US economy.
The CBO report shows the United States collected over $515 billion last month; spending just $297 billion and leaving a total monthly surplus of nearly $220 billion; smashing the previous record of $190 billion set in 2001.
“Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth in that year,” said one analyst. “Part of the strength in receipts also may reflect larger-than-anticipated payments for economic activity in 2018. The reasons for the added revenues will be better understood as more detailed information becomes available later this year.”
The staggering surplus comes on the heels of record low unemployment and jobless benefits; highlighting a roaring US economy just months after President Trump signed the sweeping tax overhaul into law.
h/t Washington Times