I have been predicting for a while that Americans would finally get a raise sometime soon, after years and years of income stagnation. My forecast was based on reports from employers about their inability to find qualified workers, job vacancies taking longer to fill, and other metrics that seemed likely to lead to bidding up workers’ wages. The wage numbers didn’t always align with my predictions, though.
Lo and behold, today’s Census Bureau release shows that American households did get a big bump in income last year. In fact, it was the biggest measured year-over-year increase since the Census Bureau began tracking this measure in 1968.