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America's Median Household Income Had Its Fastest Growth On Record

It's the first time the measure increased since before the Great Recession.

By Ryan Biek | September 13, 2016

A new government report shows the median household income increased 5 percent between 2014 and 2015 — the fastest growth on record.

It's the first time that measure has increased since 2007. At the end of that year, the Great Recession began.

Last year's median household income in real terms was $56,500, almost $3,000 higher than the year before.

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About 43 million Americans still lived in poverty in 2015, but the report notes that's about 3.5 million fewer people than in 2014. The poverty rate in 2015 sat at 13.5 percent but still saw its lowest one-year drop since 1968 to get there.

The country's lowest earners also saw the largest increases percentage-wise in their incomes. 

Average incomes increased across almost all regions of the country. However, workers in rural areas didn't see a significant boost in pay.

Asian-Americans were the only racial group that didn't see a significant increase in income. But that demographic still has the highest average income overall.

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