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News : US Economy Last Updated: Sep 14, 2011 - 9:28 AM


Number of Americans living below official poverty line rises; Median household incomes in 2010 fell to 1997 levels
By Finfacts Team
Sep 14, 2011 - 7:46 AM

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In the US last year, 2.6m fell into poverty, the Census Bureau reported Tuesday, and the number of Americans living below the official poverty line, 46.2m people, was the highest number in the 52 years the bureau has been publishing figures on it. Median household incomes dropped in 2010 to 1997 levels.

As defined by the Office of Management and Budget and updated for inflation using the Consumer Price Index, the weighted average poverty threshold for a family of four in 2010 was $22,314.

The US Census Bureau announced today that in 2010, median household income declined, the poverty rate increased and the percentage without health insurance coverage was not statistically different from the previous year.

Real median household income in the United States in 2010 was $49,445, a 2.3% decline from the 2009 median.

Median income is the mid-point with 50% of a sample above and 50% below.

The nation's official poverty rate in 2010 was 15.1%, up from 14.3% in 2009 - - the third consecutive annual increase in the poverty rate and the highest level since 1993. There were 46.2m people in poverty in 2010, up from 43.6m in 2009 - - the fourth consecutive annual increase and the largest number in the 52 years for which poverty estimates have been published.

The number of people without health insurance coverage rose from 49.0m in 2009 to 49.9m in 2010, while the percentage without coverage  - - 16.3% - -  was not statistically different from the rate in 2009.

Report

US Poverty Pattern on the Rise: CNBC's Steve Liesman shares details of a report stating the number of people living in poverty has jumped above 15%:

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