Unexpectedly Intriguing!
06 January 2022

Political Calculations' initial estimate of median household income in November 2021 is $72,353, an increase of $507 (or 0.7%) from the initial estimate of $71,846 for October 2021.

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 November 2021. The inflation-adjusted figures are presented in terms of constant November 2021 U.S. dollars.

Median Household Income in the 21st Century: Nominal and Real Modeled Estimates, January 2000 to November 2021

November 2021 continued to see inflation erode a good portion of the increase in the U.S.' median household income. We estimate a real increase of $167 after incorporating revisions and adjusting for inflation from October 2021, indicating 68% of the nominal increase in purchasing power was lost.

Since we haven't featured it in a while, here is an update to our chart tracking the U.S.' earned income per capita during the 21st Century:

Average Individual Earned Income in the 21st Century: Nominal And Adjusted for Inflation, January 2000 to November 2021

Average earned income for an individual American was $32,144 in November 2021. While this figure has risen by $2,311 above our nominal December 2020 estimate, after adjusting for inflation, we find President Biden's inflation has eaten away at all but $310 of the increase in earned income since the end of 2020.

Analyst's Notes

The BEA made minor downward adjustments to its estimates of aggregate wage and salary income from July 2021 (-0.002%) through October 2021 (-0.1%) 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: 23 December 2021. Accessed: 23 December 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: 23 December 2021. Accessed: 23 December 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: 10 December 2021. Accessed: 10 December 2021.

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