This report presents data from the March 1988 Current Population Survey (CPS) on the income and poverty status of families and persons in the United States for the calender year 1987. The following family characteristics are examined: (1) family income; (2) family composition, race, and Hispanic origin; (3) educational attainment of householder; (4) work experience of householder; (5) number of earners; (6) geographic distribution; (7) type of residence; (8) earnings of year-round, full-time workers; (9) per capita income; (10) poverty status; and (11) income deficit. Among the highlights for 1987 are the following: (1) median family income was $30,850, 1 percent higher than 1986; (2) median income of female-headed families with no husband present increased 3.4 percent; (3) real per capita income, at $12,290, was at an all time high, increasing 1.6 percent over its 1986 level; (4) the number of persons below the Federal poverty level was 32.5 million; (5) the poverty rate was 13.5 percent; (6) the poverty rate among Whites decreased by 0.5 percent, while the rate among Blacks increased by 2 percent; (7) 10.5 percent of Whites and 33.1 percent of Blacks were in poverty; (8) the Hispanic poverty rate showed no significant change, but the number of Hispanics in poverty increased by 353,000; and (9) the poverty rate among persons living on farms declined by 7 percent. Data are presented on 36 tables and figures. Appendices provide definitions and explanations, discuss the underreporting of income and the source and reliability of the estimates, and present facsimiles of CPS questionnaires. (BJV)