Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

The median household earned more money in 2016 than ever before, according to new Census Bureau data. The typical family earned $59,039, up 3.2% compared to 2015 and beating the previous all-time high of $58,149 from 1999. (Census Bureau officials, however, warned that the the 2016 number isn't directly comparable to estimates from before 2014, when its survey was modified to capture more sources of income.)

Expand chart

Data: U.S. Census Bureau; Chart: Lazaro Gamio / Axios

Why it's good news: 2016 was the second straight year for wage increases as a strong job market has raised wages for some and provided new jobs for the previously unemployed.

Why it's not so good news: Even if median income is at an all-time high, it's not very much higher than it was twenty years ago. As University of Michigan economist Justin Wolfers writes this morning on Twitter, "The most amazing fact remains that Real Median Household income in 2016 is barely above that in 1999."

Point is, for the American middle class, it hasn't just been a lost decade. It's pretty much a lost two decades. An urgent economic crisis. — Justin Wolfers (@JustinWolfers) September 12, 2017

Is it really a crisis? Not every economist would characterize the situation in such dire terms. The American Enterprise Institute's Mark Perry has pointed out that because household sizes have been declining over the years, median income per person has been rising at a faster rate than median household income. Another factor holding down income growth is the retirement of baby boomers — causing a wave of high earners to leave the labor market only to be replaced by younger folks not making as much.

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Ipsos poll: COVID trick-or-treat.
  2. World: Greece tightens coronavirus restrictions as Europe cases spike.
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Education: Surge threatens to shut classrooms down again.
  5. Technology: Fully at-home rapid COVID test to move forward.
  6. Travel: CDC replaces COVID-19 cruise ban with less restrictive "conditional sailing order."

Trump's legacy is shaped by his narrow interests

Illustration: Annelise Capossela/Axios

President Trump's policy legacy is as much defined by what he's ignored as by what he's involved himself in.

The big picture: Over the past four years, Trump has interested himself in only a slim slice of the government he leads. Outside of trade, immigration, a personal war against the "Deep State" and the hot foreign policy issue of the moment, Trump has left many of his Cabinet secretaries to work without interruption, let alone direction.

Bryan Walsh, author of Future
5 hours ago - Technology

AI and automation are creating a hybrid workforce

Illustration: Annelise Capossela/Axios

AI and automation are receiving a boost during the coronavirus pandemic that in the short term is creating a new hybrid workforce rather than destroying jobs outright.

The big picture: While the forces of automation and AI will eliminate some jobs and create some new ones, the vast majority will remain but be dramatically changed. The challenge for employers will be ensuring workforces are ready for the effects of technology.