Richmond Fed data on declining real incomes shows why Donald Trump won the election

Author: Adam Button | Category: Central Banks

You'll never guess the part of the Richmond district where incomes rose

The Richmond Fed is out with a paper on how middle-income households fared from 2010 to 2015. The focus on the middle quintile of households.

The results are dismal. Annually, household real median income fell at an average 1.2% pace in those five years. That means that after adjusting for inflation, households earned nearly 6% less in that period. Nationally, real household income fell 4.3%, or down to $54,286 from $56,696 in 2015 dollars.

There was one exception -- the District of Columbia -- where incomes rose an average of 2.1% per year above inflation.

So while politicians have touted more jobs, the reality is falling wages -- unless you're in Washington.