Most Americans’ Incomes Fell Last Year, Except For Highest Earners

Here’s some economic data many Americans might not be too pleased to learn about. From an April 2 new release on the U.S. Department of Labor, Bureau of Labor Statistics website, entitled “Consumer Expenditures Survey Midyear Update News Release”:

Average incomes fell for a second year, showing a decrease of 0.9 percent…

(Editor’s note: Bold added for emphasis)

The BLS pointed out that average income before taxes suffered a -.9 percent change between July 2012-June 2013 ($65,029) and July 2013-June 2014 ($64,432)

The news release also illustrated the percent change in income before taxes between July 2012-June 2013 and July 2013-June 2014 for five different U.S. income quintiles. It wasn’t pretty:

• Lowest 20th percentile, $10,174 to $9,818, -3.5 percent
• Second 20th percentile, $27,094 to $26,369, -2.7 percent
• Third 20th percentile, $47,017 to $45,724, -2.8 percent
• Fourth 20th percentile, $75,990 to $74,410, -2.1 percent
• Highest 20th percentile, $164,647 to $166,048, 0.9 percent

A number of entities are using the data in an attempt to demonstrate growing income inequality in the U.S.

However, I see these numbers and think, further evidence of America’s poor economic health.

You can view the entire news release on the BLS website here.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Monday, April 6th, 2015 Government, Income, Main Street, Wealth

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