Median incomes fall for all but the rich

WASHINGTON — The richest 10 percent of Americans were the only group whose median incomes rose in the past three years, the Federal Reserve said Thursday in a report on consumer finances.

The Fed said that incomes declined for every other group from 2010 to 2013, widening the gap between the richest Americans and everyone else.

The report found that median incomes, adjusted for inflation, for the top 10 percent rose 2 percent, to $223,200 from $217,900. Median income fell 4 percent for the bottom 20 percent, to $15,200 from $15,800.

For the middle 20 percent, incomes dropped 6 percent, to $48,700 from $51,800.

The information, from the Fed’s latest “Survey of Consumer Finances,” echoed findings of other studies of the impact of the Great Recession on American households. The very wealthy have benefited the most from gains in the stock market and housing values after the recession. But poor and middle-income people, who depend more on wages, have been hurt by sluggish growth in pay even after the downturn officially ended in June 2009.

The Fed survey found that the median income for all families stood at $46,700 in 2013, down 5 percent from 2010. The median is the point where half make more and half make less. But the average income for all families rose 4 percent to $87,200. The average is higher than the median because of the large incomes of the wealthiest Americans.

Average incomes declined for the poorest families, continuing a trend that had been observed in the Fed’s 2007 and 2010 surveys.

The Fed does the survey every three years.

More in Herald Business Journal

Exec director of Future of Flight in Mukilteo stepping down

A former board president will temporarily lead Snohomish County’s most popular tourism attraction.

Seafood producer Keyport moves corporate HQ to Edmonds

The family business sees the city as business friendly — and able to accommodate expansion.

Tax bill will help fund 5,000 layoffs, Kimberly-Clark says

Executives declined to say which factories the company would be closing.

Ex-Boeing executive Ray Conner joins Alaska Air board

Alaska Air Group said his appointment affirms the company’s commitment to its Northwest roots.

AI can read! Tech firms race to smarten up thinking machines

“A long way from computers being able to read … general text in the same way that humans can.”

Peoples, HomeStreet banks bump lowest salaries after tax cut

The banks with Snohomish County branches will raise minimum salaries for employees to $15 an hour.

Amazon opens store with no cashiers, lines or registers

The Seattle store allows shoppers to use a smartphone app to pay for items they want.

The expansion at Angel of the Winds Casino is expected to add room for up to 300 more slot machines and 16 new table games. (Courtesy Angel of the Winds)
Groundbreaking held for multimillion-dollar casino expansion

Angel of the Winds will gain up to 300 more slot machines, a 200-seat buffet and more.

Trump hits solar panels, washing machines with tariffs

The administration cast the decisions as part of his pledge to put American companies and jobs first.

Most Read