Political Calculations' initial estimate of median household income in February 2022 is $74,799, an increase of $700 (or 0.94%) from the initial estimate of $74,099 in January 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 February 2022. The inflation-adjusted figures are presented in terms of constant February 2022 U.S. dollars.
February 2022's estimated median household income of $74,799 is just $21 higher than January 2022's inflation-adjusted estimate of $74,778 in terms of constant February 2022 U.S. dollars. It is also only $24 higher than December 2021's $74,775 by this measure.
In nominal terms, median household increase has risen by $1,319 from December 2021's revised estimate of $73,480 to February 2022's $74,799. President Biden's inflation has eroded 98.2% of the estimated nominal increase in median household income recorded over this period, marking it as a period of stagnation.
Analyst's Notes
Following January 2022's rather extensive revisions for population estimates, February 2022's revisions were concentrated in the wage and salary data. Here, the BEA made only minor upward adjustments its estimates of aggregate wage and salary income for October 2021 (+0.005%), November 2021 (+0.006%), December 2021 (+0.020%), and January 2022 (+0.006%).
Looking forward, we anticipate the inflation-adjusted data for March 2022 will capture nearly all of the surge in energy and commodity prices resulting from following Russia's 24 February 2022 invasion of Ukraine and the geopolitical power plays that have followed since. Having occurred so late in February however, that month's inflation data barely shows any of that impact.
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: 31 March 2022. Accessed: 31 March 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: 31 March 2022. Accessed: 31 March 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 March 2022. Accessed: 10 March 2022.
Labels: median household income
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