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Barely 10 years past the end of the Great Recession in , the U. The labor market is on a job-creating streak that has rung up more than months straight of employment growth, a record for the post-World War II era. The unemployment rate in November was 3. Gains on the jobs front are also reflected in household incomes, which have rebounded in recent years. But not all economic indicators appear promising.

Household incomes have grown only modestly in this century, and household wealth has not returned to its pre-recession level. Economic inequality, whether measured through the gaps in income or wealth between richer and poorer households, continues to widen. With periodic interruptions due to business cycle peaks and troughs, the incomes of American households overall have trended up since In , the median income of U.

But the overall trend masks two distinct episodes in the evolution of household incomes the first lasting from to and the second from to and in how the gains were distributed. Most of the increase in household income was achieved in the period from to From to , the growth in household income slowed to an annual average rate of only 0.

If there had been no such slowdown and incomes had continued to increase in this century at the same rate as from to , the current median U. The shortfall in household income is attributable in part to two recessions since The first recession, lasting from March to November , was relatively short-lived. But also marked the onset of the Great Recession, and that delivered another blow to household incomes.

This time it took until for incomes to approach their pre-recession level. More recent trends in household income suggest that the effects of the Great Recession may finally be in the past. From to , the median U. This is substantially greater than the average rate of growth from to and more in line with the economic expansion in the s and the dot-com bubble era of the late s. The rise in economic inequality in the U.

These include , in no particular order, technological change, globalization, the decline of unions and the eroding value of the minimum wage. Whatever the causes, the uninterrupted increase in inequality since has caused concern among members of the public , researchers , policymakers and politicians. One reason for the concern is that people in the lower rungs of the economic ladder may experience diminished economic opportunity and mobility in the face of rising inequality, a phenomenon referred to as The Great Gatsby Curve.

The matter may not be entirely settled, however, as an opposing viewpoint suggests that income inequality does not harm economic opportunity. This report presents estimates of income inequality based on household income as estimated in the Current Population Survey CPS , a survey of households conducted by the U. Census Bureau in partnership with the Bureau of Labor Statistics. These estimates refer to gross pretax income and encompass most sources of income.

A key omission is the value of in-kind services received from government sources. Because income taxes are progressive and in-kind services also serve to boost the economic wellbeing of poorer recipients, not accounting for these two factors could overstate the true gap in the financial resources of poorer and richer households. The Congressional Budget Office CBO offers an alternative estimate of income inequality that accounts for federal taxes and a more comprehensive array of cash transfers and in-kind services than is possible with Current Population Survey data.

By either estimate, income inequality in the U.