US inflation-adjusted incomes fell for a third straight year in 2022, but overall income inequality decreased, according to new Census Bureau data.
In a positive development, the poverty rate for the Black population declined to 17.1 per cent — its lowest level on record — although it remained the highest among the racial groups counted by the Census Bureau.
The data published Tuesday by the Census Bureau paints a mixed picture of the US economy, with the overall decline in incomes falling more sharply for some people than for others, due largely to the impact of inflation.
Real, or inflation-adjusted, median household incomes in the United States fell by 2.3 per cent in 2022 from a year earlier, with nominal gains canceled out by record-high inflation.
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