Incomes drop for third year in a row ...Middle East

Family incomes dropped by about $2,000 last year on average, the U.S. Census Bureau estimated on Tuesday. Median family income has dropped every year since 2019, adjusted for inflation. The figure stood at $74,580 as of 2022, according to Census data, a 2.3 percent drop from 2021 levels. The change may reflect rising inflation, which has cooled in recent months but nonetheless hurt families’ bottom lines. Last summer saw inflation hit a forty-year high. Inflation slowed to 3.2 percent in July, down from over 9 percent a year before. Unemployment has also remained low, so far escaping fears of a recession as the Federal Reserve continues to raise interest rates. Those good

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Last updated : 12 September 2023 clock 11:00 PM

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Incomes drop for third year in a row ...Middle East

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