Monday, October 24, 2016

New Record for Income

Here's another statistic showing the economy on the right path: The inflation-adjusted weekly income of the typical full-time American worker hit an all-time high in the third quarter of 2016, according to data released last week by the Bureau of Labor Statistics.

Median weekly earnings of the nation's 112.8 million full-time wage and salary workers were $827 in the third quarter of 2016. That was 3.0 percent higher than a year earlier.

Median weekly earnings had been approximately stagnant for the first 15 years of the 21st century,  but earnings have rebounded sharply over the past 18 months. That’s the result of a mix of an improving labor market, giving workers additional bargaining power, and cheap energy prices keeping inflation low.

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