U.S. families' wealth and incomes rose across the board as the economic recovery continued over the past three years, a shift after the economic fortunes of all but most well-off families stagnated in the aftermath of the recession, the Federal Reserve reported Wednesday.
The report also found that minority households and families with less education had larger proportional gains in income than other families between 2013 and 2016, suggesting the fruits of the recovery spread to a wider swath of society.
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Median household income -- the level at which half are above and half are below -- before taxes and adjusted for inflation rose 10% to $52,700 in 2016 from 2013, according to the Fed's Survey of Consumer Finances, which is conducted every three years.
Households' median net worth, or wealth, rose 16% in the same period, reflecting broadening gains to Americans as the economy grew 2.2% a year on average, inflation stayed low and the unemployment rate fell.
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(END) Dow Jones Newswires
September 27, 2017 14:00 ET (18:00 GMT)