U.S. poverty rate drops to 14.5%

NEW YORK (CNNMoney)

The nation's poverty rate fell to 14.5% in 2013, down from 15% a year earlier, the U.S. Census Bureau reported Tuesday.

But the number of people in poverty remains at 45.3 million. The percentage dropped largely because more people have full-time employment now.

Middle class Americans, meanwhile, didn't get any richer last year as median income remained essentially level at $51,939 in 2013. This was not statistically different than the $51,759 recorded the year earlier.

Though the Great Recession ended in mid-2009, most Americans are not seeing the fruits of the recovery. The lack of wage growth is a particular concern of Federal Reserve chair Janet Yellen.

Incomes have stagnated for all but the richest Americans. Income remains 8% lower than in 2007, the year before the economic downturn.

Related: Are you middle class?

The poverty rate, meanwhile, has been edging downward since 2010, when it hit 15.1%.

First Published: September 16, 2014: 10:37 AM ET

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