Americans' median household income fell by 2.3% last year compared to 2021 as inflation raged and wages failed to keep up, according to new data released by the U.S. Census Bureau.
Personal income decline, consumer spending uptick cant go on much longer: financial expert Quincy Krosby
Quincy Krosby, Financial Chief Global strategist, discusses consumer spending, the labor market and inflation data. American households' income fell last year as their cost of living jumped higher than it has in over four decades amidand marking the third straight annual decline since the COVID-19 pandemic hit in 2020, according to data from the U.S. Census Bureau.
The federal agency reported Tuesday that U.S. real median household income fell by 2.3% to $74,580 in 2022, down from $76,330 in 2021, noting that inflation rose 7.8%, which is the largest annual increase in the cost-of-living adjustment since 1981.Despite the drop in income, the official poverty rate was not statistically different in 2022 than the year before, at 11.5%, with 37.9 million Americans living in poverty, according to the report.
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