By Howard Schneider
WASHINGTON, Sept 28 (Reuters) – Income inequality in the United States narrowed in the first three years of the Trump administration as rising incomes and a low unemployment rate fueled gains for lower-income and less educated families, according to U.S. Federal Reserve data released on Monday.
Wealth inequality was largely unchanged, with the top 10% of families holding about 71% of family wealth in 2019 versus 2016, the Fed found in its latest Survey of Consumer Finances, conducted every three years.
But the period did see proportionately larger gains in wealth for Black and Hispanics families, the Fed said, with the median net worth for Black families rising 33% and for Hispanic families rising 65% compared with a 3% gain in the median for white families. However the absolute gap remained large: the median income for white families, at $188,200, was nearly 8 times that of