Currently, people in The United States wages are higher than they have been in years. The average income for households shot up a whopping 3.2 percent during 2015 to 2016. The number is now at $59,039. Back in 1999, the record high was at $58,665. This information comes from the U.S. Census Bureau.
Poverty levels have gone down as well 0.8 percent.
Since the end of the recession back in 2009, these new numbers show that that average household is earning more than they did back in when the recession first began in 2007.
There are a few reasons why this milestone receives a pat on its back. First of all, this increase means that Americans are walking around with more cash in their pockets. Also, that the economy is in some way recovering from the past financial discrepancies.
Reasons behind the increases are due to the increase in jobs throughout the economy. Also, the unemployment rate remains low.
As Wages Rise, So Does Opportunity.
It according to analysts, it’s all about supply and demand. In order to fill certain jobs, employers are having to up the pay. By doing so, they attract more candidates that qualify for the position.
People are finally outpacing inflation, which in turn makes it so that citizens have more money. Doing so gives people more power over suppliers.
The new increase in income is making it so that people can improve their lifestyles. Also, citizens are able to save more.
Stats from a 2017 survey from GOBankingRates says that 57 percent of Americans currently have no more than $1,000 in their savings account. Though that number is not high, is a step up from 2016, where 69 percent of people had that much.
With American earning more in their wages, it also allows them to put money into a retirement plan. It gives people the ability to pay off debt collectors, as well.