Poverty Rate Falls as Median Income Climbs Over 3 Percent
The poverty rate dropped last year while the median household income rose, according to the U.S. Census Bureau. The poverty rate reportedly fell to 12.7 percent in 2016, the first time since the recession that the poverty rate isn’t statistically significant from the 2007 level of 12.5 percent. Last year’s 0.8 percent drop means approximately 2.5 million people have escaped poverty. The median household income also rose for the second consecutive year, increasing by 3.2 percent to $59,039, when adjusted to inflation.