New York City poverty hits historic low – Metro US

New York City poverty hits historic low

New York City poverty hits historic low

City officials said Tuesday that the poverty rate among New Yorkers hit a historic low in 2018. 

The poverty rate for New York City has fallen to 17.3 percent, which is a 3.6 percent drop since 2013. 

Between 2013 and 2018, New York City has experienced a 13 percent growth in median household income and an eight percent increase in median earnings, according to city hall. 

New York City has also seen an increase in half-a-million jobs. 

Mayor de Blasio said in a press release that, “Poverty in New York City is at historic lows. From fighting for a $15 minimum wage to guaranteeing Pre-K for every child to Paid Safe and Sick Leave, we are putting more money in the hands of working families and creating a fairer city for all.”

Matthew Klein, Executive Director of the Mayor’s Office for Economic Opportunity echoed de Blasio sentiment and said in a press release that, “The bold actions that New York City is taking—on housing, wages, early childhood, health care, and more—are producing meaningful and important progress in reducing poverty,”

Additionally, Klein added, “The positive trends reflected in this most recent federal Official Poverty rate for New York City are consistent with the findings of our office’s own more precise poverty measure released each spring.  We are clearly moving in the right direction and committed to pushing hard for even more.”

According to a press release, the American Community Survey details changes from 2017 to 2018  in New York City and here’s what the numbers say:

·         Median household income increased by $1,898, or 3.1%, from $61,901 in 2017 to $63,799 in 2018.

·         Median earnings for workers in New York City increased by $1,179, from $39,213 in 2017 to $40,392 in 2018, a 4.4% increase.

·         The unemployment rate for 2018 was 4.1% compared to 4.6% in 2017. The 2018 rate is the lowest since the data have been made available.

·         The Official Federal Poverty rate for NYC is 17.3% for 2018, down from 18% in 2017. 

·         The Childhood Poverty rate is 23.8% in 2018, down from 25.2% in 2017.