2020 has been a year of unprecedented economic upheaval, with the coronavirus pandemic causing massive job losses and economic disruption. However, despite the economic turmoil, there has been one unexpected bright spot: gross income.
According to the Bureau of Labor Statistics, the median weekly earnings of full-time wage and salary workers rose by 4.7% in 2020, the largest increase since the Great Recession. This increase was driven by a combination of factors, including an increase in the minimum wage, a surge in demand for certain goods and services, and an increase in the number of people working from home.
The increase in gross income was particularly pronounced among lower-wage workers. The median weekly earnings of those earning less than $10 per hour rose by 8.2%, while those earning between $10 and $15 per hour saw a 6.2% increase. This is likely due to the fact that many of these workers are employed in industries that have seen a surge in demand due to the pandemic, such as retail, food service, and healthcare.
The increase in gross income is a welcome development for many workers, as it provides a much-needed boost to their finances. However, it is important to note that this increase is not evenly distributed. Many workers in industries that have been hit hard by the pandemic, such as hospitality and travel, have seen their incomes decline significantly.
Overall, the increase in gross income in 2020 is a positive sign for the economy. It shows that, despite the economic disruption caused by the pandemic, there are still opportunities for workers to increase their earnings. It also suggests that the economy may be on the path to recovery, as more people are able to find work and increase their incomes.