Household incomes increased in 2023 for the first time since the pandemic, with median income rising 4% from 2022. This recovery reflects easing inflation and a robust job market, bringing incomes back to pre-pandemic levels. However, poverty rates remain elevated, and income gains are uneven across demographics, with women and certain racial groups seeing smaller gains. Broader poverty measures and income inequality persist as issues.
Category
🗞
NewsTranscript
00:00It's Benzinga, and here's what's on the block.
00:03Household incomes increased in 2023 for the first time since the pandemic, with median
00:07income rising 4% from 2022.
00:10This recovery reflects easing inflation and a robust job market, bringing incomes back
00:14to pre-pandemic levels.
00:16However, poverty rates remain elevated and income gains were uneven across demographics,
00:21with women and certain racial groups seeing smaller gains.
00:24Broader poverty measures and income inequality persist as issues.
00:27For all things money, visit Benzinga.com.