Today's Census Bureau data gives a revealing peek at the late stages of the Great Recovery:
- Poverty is dropping: The number of people living in poverty fell by 1.4 million.
- But 2 million fewer people have health insurance: It's the first time the uninsured rate has gone up since the Affordable Care Act has been in effect, Axios' Bob Herman notes.
- And median income is growing, but slowly: Solid gains in household incomes over the past four years have returned the median only to where it was two decades ago. [AP]
Why it matters: The percentage of Americans worried about losing their jobs is rising, Axios' writer Dion Rabouin noted in his Markets newsletter.
- Job cuts have been higher every month this year than the corresponding months in 2018, and last month’s job cuts were the highest August total since 2009.
The other side: Minorities in their prime working age (25 to 54) have gained at least 4.5 million new jobs since 2016, while the same can be said for only 700,000 white workers, the Washington Post reports.
- Cautionary note: "We’ve seen a lot of gains in employment among lower-income and lower-education groups ... but it is precisely those groups that are vulnerable to layoffs if economic activity slows," Marianne Wanamaker, an economist and former member of Trump’s Council of Economic Advisers, told the Post.
The bottom line: The economy might have recovered from recession, but it's increasingly clear that its youngest workers aren't ready for another one.