MAGA Effect:Household Income Spikes
- US median household income is at all-time highs
US median household income has risen more than 4% since President Donald Trump took office on the overall strong economic growth and robust optimism.
Inflation-adjusted median household incomes in July hit $62,450, according to the latest release from Sentier Research.
“That’s the highest level since Sentier started tracking this more than 18 years ago. And if you combine Sentier’s numbers with annual Census data, US median household income is at all-time highs
More interesting is the fact that median household income has spiked more than 4% in the 19 months since President Trump took office. It had been flat over the previous 18 months.
Over the course of President Barack Hussein Obama’s entire 8 years in office, median household income climbed a mere 0.3%, the Sentier data show.
To be sure, US economic growth was a bit stronger than initially thought in Q-2, notching its best performance in nearly 4 years, as businesses boosted spending on software and imports declined.
GDP increased at a 4.2 percent annualized rate, the Commerce Department said Wednesday in its 2nd estimate of GDP growth for the April-June frame. That was up from the 4.1% pace of expansion it reported in July and was the fastest rate since Q-3 of Y 2014.
Businesses spent more on software than previously estimated in the second quarter and the nation also imported less Crude Oil. Stronger business spending and a smaller import bill offset a small downward revision to consumer spending.
Americans’ consumer confidence rose in August to the highest level in nearly 18 years as their assessment of current conditions improved further and their expectations about the future rebounded.
The Conference Board reported Tuesday that its consumer confidence index rose to 133.4 in August, up from a reading 127.9 in July. It was the highest reading since confidence stood at 135.8 in October 2000.
For his part, President Trump promised the stock-market rally has much more room to roar even higher.
The DJIA has gained nearly 4% during a rally that began in mid-August
Making and Keeping America Great!
Have a terrific holiday weekend