Tuesday, August 29, 2006

Here Are the 2005 Numbers

At 10:00 this morning, the Census Bureau unveiled the much anticipated snapshot of our economic wellbeing, the results of the Current Population Survey's Annual Social and Economic Supplement. Taken in March of each year, the supplement asks a large, nationally representative sample of Americans about their economic status in the previous year. Here are the numbers unveiled by the Census Bureau this morning.

Median household income rose 1.1 percent between 2004 and 2005, to $46,326. This is the first significant increase in median household income since 1999, according to the Census Bureau. But the 2005 figure is still well below the level of 2000, and the gains were limited to a few select demographic segments. By age, only householders aged 65 or older saw their median household income rise significantly between 2004 and 2005—up by 2.8 percent. Behind the gain is higher labor participation among the elderly. By income, changes were not significant at the 90 percent confidence interval, but it is interesting to note that all but the highest income quintile lost ground.

Among men working full-time, median earnings fell 1.8 percent between 2004 and 2005, to $41,386 after adjusting for inflation.

Among women working full-time, median earnings fell 1.3 percent between 2004 and 2005, to $31,858 after adjusting for inflation.

The percentage of people without health insurance climbed from 15.6 to 15.9 percent between 2004 and 2005. The number of uninsured grew to 47 million. The percentage of the population covered by employment-based health insurance fell from 59.8 to 59.5 percent.

The percentage of people living in poverty held steady at 12.6 percent in 2005, not significantly different from the 12.7 percent rate of 2004.

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