Income Inequality in U.S. Narrows in Turning Point, Feroli Says

The gap between America’s rich and poor is shrinking, according to one measure of income inequality that has reversed a steady increase seen for more than a decade.

Americans near the top of the income scale, whose weekly earnings exceed those of 90 percent of their fellow workers, made five times as much as people in the bottom 10 percent in a typical week during this year’s first quarter, according to JPMorgan Chase & Co.’s Michael Feroli, who based his analysis on Labor Department data. That’s down from a record 5.3 times reached in 2012.