Most have recovered from Great Recession

Minorities, Americans without college degrees show greatest gains since 2013

WASHINGTON» Nearly all Americans have emerged from the Great Recession with more money than before — with African-American and Latino families and Americans without college degrees showing the greatest gains, according to new data released Wednesday from the Federal Reserve.

It’s a sign that the recovery from the devastating Great Recession and financial crisis of 2008 is picking up as more people are able to get jobs, pay off debt and invest more.

Household wealth for African-American and Latino families and Americans without high school diplomas rose the fastest from 2013 to 2016, according to the Fed’s Survey of Consumer Finances, which surveys more than 6,000 households about their pay, debt and other finances.

Every slice of America — from young to old and rich to poor — saw their incomes grow and the value of stocks, homes and other assets climb.

But the Fed also was quick to point out growing inequity between the mega rich and everyone else, and between whites and non-whites.

The income gains marked a dramatic shift from the period between 2010 and 2013, when income fell for all racial and ethnic groups except whites.

“We’re glad the recovery is spreading to a lot of households,” Fed economists said Wednesday.

The economists didn’t elaborate on what caused the widespread gains, but they did note that the unemployment rate has fallen substantially in recent years from 7.5 percent to 5 percent last year.

The median net worth of a white household was $171,000, nearly 10 times larger than blacks. The median net worth of African-American and Latino families was below $21,000.