Page 25 - ARUBA TODAY

BUSINESS Thursday 13 sepTember 2018
A25

US median incomes grew in 2017 for a 3rd straight year

By CHRISTOPHER RUGABER terns of inequality re-
Associated Press emerged, with stronger
WASHINGTON (AP) — The growth at the top," said
income of a median U.S. Elise Gould, a senior econ-
household rose for a third omist at the Economic Pol-
straight year in 2017, boost- icy Institute, a liberal think
ed by a rise in the number tank. "While any reduc-
of Americans with full-time, tion in poverty or increase
year-round jobs. in income is a step in the
The Census Bureau said right direction, most fami-
Wednesday that incomes lies have just barely made
for a typical household, up the ground lost over the
adjusted for inflation, rose past decade."
1.8 percent, from $60,309 in The income gap between
2016 to $61,372. Yet house- black and white house-
holds are still earning es- holds also widened, though
sentially the same that they Latinos narrowed their gap
did in 2007 just before the with whites. The median
Great Recession, Census income for a white house-
said. Their inflation-adjust- hold rose 2.6 percent to
ed median income remains $68,145 even as the me-
below the record for a typi- In this Oct. 23, 2014, file photo people are reflected in a window at the Delano Las Vegas over- dian for African-American
cal household — $62,000 looking the Las Vegas Valley in Las Vegas. households slipped 0.2
reached in 1999. Associated Press percent to $40,258. Latino
The figures suggest that the household incomes, how-
nation's very low unem- At the same time, the data gain in 2016. of inequality worsened in ever, jumped 3.7 percent
ployment rate — 3.9 per- underscores the lasting The median is the point at 2017, in some cases after to $50,486. Asian house-
cent — is forcing businesses damage the Great Reces- which half the households having improved during holds remain the wealthi-
to convert more part-time sion did to the majority of are below and half are the previous two years. In- est, with a median income
workers to full-time sta- American families. Incomes above. In can be a more come growth, for example, of $81,331, though that was
tus. And with unemployed for the median household telling measure than the was strongest for the rich- 2.2 percent lower than in
workers scarce, companies fell for five years after the average, which is distorted est 5 percent of Americans, 2016. Last year, the number
are hiring more people who recession began in late by extremely high incomes increasing 3 percent to of people with jobs rose by
previously weren't looking 2007, then recovered very among the wealthiest $237,034. For the poorest 1.7 million, the Census re-
for work. During 2017, the slowly until 2015. That year, households. one-fifth of the population, port said. And the number
unemployment rate aver- median household income Despite a third straight in- income increased just 0.5 of workers with full-time per-
aged 4.4 percent, the low- jumped 5.1 percent, fol- come gain for a typical percent. manent jobs increased 2.4
est level in 17 years. lowed by a 3.1 percent household, some measures Last year, "well-worn pat- million.q

US producer prices dip

0.1 percent in August

By PAUL WISEMAN economic cycle," Chris leases its August consumer
Associated Press Rupkey, chief financial price index Thursday. Econ-
WASHINGTON (AP) — U.S. economist at MUFG Union omists expect a 2.8 percent
wholesale prices fell un- Bank, wrote in a research uptick in consumer prices
expectedly last month for note. The American econ- from August 2017.
the first time since February omy is enjoying the sec- The Federal Reserve, which
2017, pulled down by fall- ond-longest expansion on wants to see annual infla-
ing prices for transportation record, having emerged tion running at around 2
and warehousing services. from the Great Recession percent, has raised short- In this June 15, 2018, file photo, winter wheat is harvested in a
The drop suggests that in- in June 2009. term interest rates twice this field farmed by Dalton and Carson North near McCracken, Kan.
flationary pressures may be Wholesale prices for ser- year and has signaled that Associated Press
easing despite the strength vices slid 0.1 percent last it plans two more rate hikes
of the U.S. economy. month; prices of goods this year.q
The Labor Department said were flat. Over the past
Wednesday that its pro- year, goods prices for pro-
ducer price index — which ducers have risen 3.9 per-
measures inflation before it cent.
reaches consumers — fell Excluding volatile food and
0.1 percent in August after energy prices, so-called
being flat in July. Producer core wholesale inflation
prices were up 2.8 percent also slipped 0.1 percent
from August 2017. from July but rose 2.3 per-
"Inflation pressures look cent from August 2017.
modest for this late in an The Labor Department re-