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Household Income of Americans Fell in 2020 for First Time Since 2011: Census Bureau

Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.

The household income of Americans fell last year as COVID-19-related lockdowns wrought havoc on the economy, according to new figures from the Census Bureau. The median household income was $67,521 in 2020, a decrease of 2.9 percent from the 2019 median of $69,560 and the first significant decline since 2011, the Census said in its findings published Sept. 14 (pdf). Household income includes money from wages or salaries, Social Security, public assistance or welfare payments, interest from savings or bonds, dividend from investments, veterans’ payments, or unemployment and workmen’s compensation, as well as among other sources. Between 2019 and 2020, the real median earnings of all workers decreased by 1.2 percent from $42,065 to $41,535, while the real median earnings of full-time, year-round workers increased 6.9 percent from their 2019 estimate. However, the total number of those who worked full-time, year-round, declined by 13.7 million between 2019 and 2020, signifying the largest year-to-year decline in the number …

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