Income inequality in the United States worsened in 2019. Earners at the top of the income ladder received the largest increase in their paychecks, according to a report from the Economic Policy Institute.
Wages at the 95th percentile grew by 4.5% last year, while the median increase was just 1%.That's nothing new: The median hourly wage climbed about 15% between 1979 and 2019, but pay for workers in the 95th percentile grew more than 63% over the past 40 years."Wage growth for low- and middle-wage workers continues to be slower than would be expected in an economy with relatively low unemployment," said EPI Senior Economist Elise Gould.
This means policymakers should not assume that the economy is nearing full employment, Gould said. Remaining slack in the jobs market could explain why wages aren't rising faster.The disparity in wage growth is worsening income inequality across the country. However, the lowest-income workers got a boost last year thanks to increases in minimum wage in 16 states and the District of Columbia.
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