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Income inequality in the United States narrowed in the first three years of the Trump administration as rising wages and a low unemployment rate fueled gains for lower-income and less educated families, according to U.S. Federal Reserve data released on Monday.
www.reuters.com
There were proportionately larger gains in wealth as well for Black and Hispanic families, the Fed said. Median net worth rose 33% for Black families and 65% for Hispanic families, compared with a 3% gain in the median for white families. However the absolute gap remained large: the median net worth for white families, at $188,200, was nearly eight times that of the $24,100 median for Blacks, and over five times that of the $36,100 of Hispanic families.