Inflation quashed household income gains in 2024, census finds

"Most Americans' household income remained steady last year, in part because inflation counteracted gains in income, the U.S. Census Bureau said Tuesday. But there were some notable exceptions: The richest 10 percent of households saw their income rise, and women and Black people lost ground, the census data shows. After inflation, the median householdincomelast year reached $83,730, a slight but not statistically significant increase from $82,690 in 2023."

"whereas median incomes of Asian and Hispanic households increased around5 percent and remained steady for White households. And for the second year in a row, the wage gap between men and women widened. Among full-time, year-round workers, median earnings increased for men but remained unchanged for women, with women making 80.9 percent of what men make. That's down from 82.7 percent the year before, when the gender wage gap widened for the first time since 2003."

Median household income in 2024 was largely unchanged after adjusting for inflation, with overall levels similar to 2019 once price increases are considered. The wealthiest 10 percent of households saw income gains, while Black households experienced a 3.3 percent decline; Asian and Hispanic households recorded about 5 percent increases and White households stayed steady. Regional income rises occurred in the West and Northeast, with little change in the South and Midwest. For full-time, year-round workers, men's median earnings rose while women's did not, reducing women's earnings to 80.9 percent of men's. Homeowners and renters under 65 saw income increases.

Read at The Washington Post