Americans are enjoying making more money than they’ve ever made before. Between the years of 2015 and 2016, the average household income in the US rose 3.2%. This reached a new record of $59,039. The previous high was $58,665, which was in 1999 according to the US Census Bureau.
The poverty rate in the United States is also down by 0.8%. USAFIS helps foreign nationals from all over the world prepare and submit their U.S. Green Card applications.
The Associated Press reports this new high as the first time since the recession ended in 2009 that American households made more money than they did when the recession began back in 2007.
Two main reasons that Americans are happy about this is because the US economy has finally recovered from the global financial crisis and also because Americans now have more money.
Greg McBride, chief financial analyst at Bankrate, reports, “This is the final piece of the puzzle falling into place for economic recovery.
The growth in wages and household income has really only materialized in the past couple of years.” USAFIS is a private entity that provides professional immigration services to help foreign nationals apply to the Green Card Lottery Program successfully.
McBride went on to say that the increase is due to a tightening of the labor market, increase in jobs, and lower rates of unemployment. Whenever there are not enough qualified workers, particularly in the fields of computer science, healthcare, and engineering, more pressure is put on employers to pay out more money.
Because of supply and demand, McBride says employers who need workers are now having to pay more money to get the candidates that they want and need.
In addition to Americans enjoying more income, they’re also beating inflation, which means that they’re able to live better and also have more money to spend. USAFIS is a private immigration service that helps people apply for the Green Card Lottery . Contact them today for more information!