Thanks to Trump, Median Household Income at Highest Level Ever

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Posted by Alex Hendrie on Monday, September 30th, 2019, 2:22 PM PERMALINK

Real median household income has grown by $4,144 or 6.8 percent since President Trump took office, according to an op-ed published in the Wall Street Journal.

This data is based on a report released by Sentier Research analyzing the Census Bureau’s monthly Current Population Survey.

As noted in the op-ed, authored by Stephen Moore, real median household income is at an all-time high:

“Real median household income—the amount earned by those in the very middle—hit $65,084 (in 2019 dollars) for the 12 months ending in July. That’s the highest level ever and a gain of $4,144, or 6.8%, since Mr. Trump took office. By comparison, during 7½ years under President Obama—starting from the end of the recession in June 2009 through January 2017—the median household income rose by only about $1,000.”

The below chart highlights the strong Trump wage growth.

                     

This new data is one of many signs the Trump economy remains strong.

  • According to recent Labor Department Job Openings and Labor Turnover Data, the ratio of unemployed persons to job openings is just 0.8 in July of 2019 an all-time low since this data was first collected in 2000.
     
  • Hiring and job openings also remain strong – 6 million people started a job in July and there are 7.2 million openings.
     
  • 3.6 million workers voluntarily quit their jobs In July indicating there is strong confidence in finding other employment.

                       

  • The unemployment rate remains low at 3.7 percent and over 6 million jobs have been created since President Trump took office.
     
  • The unemployment rate for African Americans has hit a record low of 5.5 percent and the Hispanic unemployment rate has matched record lows of 4.2 percent.
     
  • The civilian labor force increased by 571,000 according to the BLS household data, the largest such gain since October 2018 and the fourth consecutive month of labor force growth.


While the economy is strong, the Trump administration is taking further steps to promote economic growth.

The administration recently announced a U.S.-Japan trade agreement that will increase American exports to Japan and lower barriers to trade.

The administration is also pressuring Congress to take up the United States-Mexico-Canada Trade Agreement (USMCA) which will raise real GDP by $68.2 billion and create approximately 176,000 American jobs, according to a report released by the U.S. International Trade Commission.

This stands in stark contrast to Democrats in Congress and on the campaign trail that have proposed trillions of dollars in tax increases that will undo the existing economic growth that has benefited American families and businesses across the country.

 

Photo Credit: Gage Skidmore

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