Susan Heavey and Doina Chiacu, Reuters via FOX BUSINESS
(FoxBusiness.com) – American household incomes lost ground last year as the poverty rate remained flat, a sign the U.S. economic expansion had yet to lead to gains for many Americans five years after the 2007-2009 recession.
The data released by the U.S. Census Bureau on Wednesday, which showed the inflation-adjusted median income slipping to $53,657 last year from $54,462 in 2013, offered a reminder of the tepid nature of the economy’s recovery.
“In 2014, real median household income was 6.5 percent lower than in 2007, the year before the most recent recession,” Census researchers wrote.
At the same time, the poverty rate held steady at 14.8 percent, the data showed. Census researchers said the change in the median income was not statistically significant.
The Census Bureau also said the number of people in the United States without health insurance coverage fell to 33 million last year, or 10.4 percent of the population, from 41.8 million, or 13.3 percent, in 2013.