Political Calculations' initial estimate of median household income in August 2021 is $70,305, an increase of $559 (or 0.8%) from the initial estimate of $69,746 for July 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 August 2021. The inflation-adjusted figures are presented in terms of constant August 2021 U.S. dollars.
August 2021 saw inflation rise more slowly than median household income, with the typical income-earning American household gaining in purchasing power during the month. Adjusted for inflation, median household income remains below the April 2020 peak of $70,943 in terms of constant August 2021 U.S. dollars, but has risen above the December 2020 inflation-adjusted peak of $70,146. That last bit is good news because 2021 has generally seen inflation rise faster than median household income.
Analyst's Notes
The BEA made small, upward adjustments to its estimates of aggregate wage and salary income from April through July 2021 in its latest data release.
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: 1 October 2021. Accessed: 1 October 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: 1 October 2021. Accessed: 1 October 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: 14 September 2021. Accessed: 14 September 2021.
Labels: median household income
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