Americans' Incomes Rise, But Annual Gains Are Slowing

(CBS) -- American median household income rose 1.8 percent last year, representing a slower rate of growth than during the previous two years, according to the U.S. Census Bureau.

American households recorded median income of $61,372 last year, which marked the first full year of the Trump administration.

While that marks the third consecutive year of income gains, the rate of increase was considerably slower than in the last two years of the Obama administration.

A decade after the financial crisis, many Americans are still struggling to play catch-up.

Income growth in the post-recession years was largely captured by the richest Americans, leaving low-wage and middle-class workers struggling to keep up with the rising costs of essentials like rent and health care.

A recent study from the Urban Institute found almost half of Americans struggle to pay for their basic needs such as groceries or housing.

"Median household income grew 1.8 percent in 2017, a slowdown from the 3.2 percent increase in 2016 and 5.2 percent increase in 2015," wrote Heidi Shierholz, director of policy at the left-leaning Economic Policy Institute and the former chief economist at the U.S. Dept of Labor. "This slowdown is not what working families need!"

In 2016, median household income grew 3.2 percent to $59,039.

In his presidential campaign, Donald Trump pledged to boost economic growth to at least 3 percent annually and to spur the creation of manufacturing jobs, a sector that's suffered a long-term decline in employment.

The poverty rate declined 0.4 percent to 12.3 percent, representing 39.7 million Americans.

© 2018 CBS Interactive Inc.. All Rights Reserved.