Staff Writer

September 10, 2024

The U.S. Census Bureau’s latest report, published on Tuesday, points to promising strides for American households and indicates that the economy has made a strong comeback from the pandemic. Real median household income rose to $80,610 in 2023, up 4.0% from 2022, marking the first statistically significant increase since 2019. Post-tax income also saw a noteworthy 3.7% boost. Moreover, the official poverty rate dropped to 11.1%, thanks in large part to social programs like Social Security, which helped lift 27.6 million people out of poverty last year.

Health insurance coverage remained stable, with 92.0% of Americans, or 305.2 million people, insured for some or all of 2023. This new data, along with recent reports of low unemployment and easing inflation, underscores the continued resilience of the U.S. economy.