What model is this article? 1. Porter\'s Diamond Model 2. The Griffin\'s Model 3

Question

What model is this article?

1. Porter's Diamond Model

2. The Griffin's Model

3. Porter's Five Forces

Incomes Rose and Poverty Rate Fell for Third Straight Year, Census Data Show

People worked more hours as joblessness declined; some economists are puzzled wages haven’t climbed faster

By

Janet Adamy and

Paul Overberg

Updated Sept. 13, 2018 12:01 a.m. ET

American incomes rose and poverty declined for the third consecutive year in 2017, according to census figures released Wednesday that suggest more Americans are benefiting from the robust economy.

The new data, which provide a broad look at U.S. economic well-being, show that median household income increased to $61,372 last year, up 1.8% when adjusted for inflation. There were 39.7 million people in poverty last year, and that rate dropped 0.4 percentage point to its lowest level since 2006. The number of people working full time year round increased by 2.4 million in 2017.

Incomes have grown 10.4% in the past three years, and last year’s figure was the highest on record. But a change in the way the numbers are calculated over time makes comparisons imperfect, and census officials said last year’s figure wasn’t statistically different than income peaks in 1999 and 2007.

U.S. Incomes Hit Record HighThe middle American household made $61,372 last year, according to censusfigures.Median annual household income, adjusted for inflationSource: Census BureauNote: Lines have a gap in 2013 and two observations for that year due to a methodology changethat impaired historical comparisons.

RECESSION1970’80’902000’10010,00020,00030,00040,00050,00060,00070,000$80,000

The result is that the typical American household’s income is stuck where it was before the last two recessions. The 2017 growth rate also lagged behind the previous two years, when median household income—the midpoint of all households—rose 3.2% in 2016 and 5.2% in 2015.

Incomes rose mostly because more people worked more hours, and to a lesser extent because their wages increased. “We’re continuing to see that shift from part-time, part-year work to year-round, full-time work,” said Trudi Renwick, an economist at the Census Bureau.

Some economists said they remain puzzled that wages haven’t risen more quickly, given the overall strength of the economy and an unemployment rate around 4%. While wages are rising a little bit more quickly than earlier in the economic expansion, inflation has also ticked upward, cutting into gains.

“At the kinds of unemployment levels that we have, if all we’re seeing is a less than 2% growth in [incomes], that’s not what you would expect with the kinds of data that we have today,” said Peter Atwater, president of Financial Insyghts, an economic consulting firm in Wilmington, Del.

A separate set of census figures released Thursday showed that the income gains were unusually widespread across the country, with 39 states and the District of Columbia logging gains and just one—Oklahoma—showing a small loss. Median income in 10 states remained basically unchanged. Top gainers included D.C., Maine, Montana, California, Washington and Tennessee.

Median household income also rose in 22 of the 25 largest metros, and stayed roughly the same in the other three. Gains topping 5% occurred in places ranging from Baton Rouge, La.; Akron, Ohio; Tucson, Ariz.; Chattanooga, Tenn.; San Diego, Richmond, Va.; and Scranton-Wilkes Barre, Pa.

Large cities continued recent trends by recording the strongest income gains, with median household income rising 3.1%. Gains were weaker in their suburbs and smaller cities, at 1.6%. Rural households gained 2%.

Explanation / Answer

2. The Griffin's Model

This article is a fine example of The Griffin's Model , as it provides adequate information regarding each and every type of matrix and Statistics which is usually stated in the group in modern.

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.