Political Calculations' initial estimate of median household income in May 2022 is $77,265, an increase of $702 (or 0.92%) from the initial estimate of $76,563 in April 2022.
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 May 2022. The inflation-adjusted figures are presented in terms of constant May 2022 U.S. dollars.
Inflation eroded all of the nominal month-over-month gain for American households in May 2022. For the year-to-date, there has virtually been no real growth in median household income.
Analyst's Notes
The BEA made minor downward adjustments to its aggregate wage and salary data for the first four months of 2022. The revisions affected the estimates for January 2022 (-0.015%), February 2022 (-0.016%), March 2022 (-0.005%), and April 2022 (-0.025%).
For the latest in our coverage of median household income in the United States, follow this link!
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: 30 June 2022. Accessed: 30 June 2022.
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: 30 June 2022. Accessed: 30 June 2022.
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: 10 June 2022. Accessed: 10 June 2022.
Labels: median household income
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