Political Calculations' initial estimate of median household income in July 2021 is $69,746, an increase of $568 (or 0.8%) from the initial estimate of $69,178 for June 2021.
Update 31 October 2023: We have revised our estimate of median household income for this month based on new information from the U.S. Census Bureau for 2022 and revisions to income data by the Bureau of Economic Analysis that were released in September 2023. Please follow this link to see how much. If you're interested, we've provided more information about what has changed and why we think its significant.
The latest update to Political Calculations' chart tracking Median Household Income in the 21st Century shows the nominal (red) and inflation-adjusted (blue) trends for median household income in the United States from January 2000 through July 2021. The inflation-adjusted figures are presented in terms of constant July 2021 U.S. dollars.
The increase in median household income in 2021 continues to be accompanied with rapidly rising inflation. Unlike previous months, July 2021 saw inflation rise a little more slowly than the nominal increase in household income, allowing a slight gain the purchasing power for the typical American household during the month.
Adjusted for inflation, median household income remains well below the April 2020 peak of $70,796 in terms of constant July 2021 U.S. dollars. It also remains below the December 2020 inflation-adjusted peak of $70,001, preceding the Biden era's surge of inflation that has generally outpaced the steady nominal increase in median household income during 2021.
Analyst's Notes
Following its extensive revisions last month, the BEA made only minor adjustments to its estimates of aggregate wage and salary income from April through June 2021.
References
U.S. Bureau of Economic Analysis. Table 2.6. Personal Income and Its Disposition, Monthly, Personal Income and Outlays, Not Seasonally Adjusted, Monthly, Middle of Month. Population. [Online Database (via Federal Reserve Economic Data)]. Last Updated: 27 August 2021. Accessed: 27 August 2021.
U.S. Bureau of Economic Analysis. Table 2.6. Personal Income and Its Disposition, Monthly, Personal Income and Outlays, Not Seasonally Adjusted, Monthly, Middle of Month. Compensation of Employees, Received: Wage and Salary Disbursements. [Online Database (via Federal Reserve Economic Data)]. Last Updated: 27 August 2021. Accessed: 27 August 2021.
U.S. Department of Labor Bureau of Labor Statistics. Consumer Price Index, All Urban Consumers - (CPI-U), U.S. City Average, All Items, 1982-84=100. [Online Database (via Federal Reserve Economic Data)]. Last Updated: 11 August 2021. Accessed: 11 August 2021.
Labels: median household income
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