In the first time since 2006, the U.S. poverty rate has dropped. The U.S. Census Bureau reported Tuesday that the nation’s poverty rate fell to 14.5% in 2013, down from 15% a year earlier. This is the first drop in poverty since 2006, when it was 12.3% Although this may seem like a minor change, this is the first statistically significant decline since the recession, proving that Americans are slowly rebounding.
According to the results, a lot of the decrease comes from people finding full-time work. They now have jobs and are earning more money. Two groups in particular saw significant decreases in their poverty rates. The number of children living in poverty fell to 19.9%, or 14.7 million, the first decline since 2000. And the poverty rate for Hispanics fell to 23.5%, from 25.6%.
However, as America’s population expands, job growth and median income are not keeping pace. More people may be getting out of poverty, but their income is still stuck in neutral. So, although these new U.S. census results are promising, we still have a long way to go before we’ve completely bounced back from the recession.
Source: CNN Money
