Political Calculations' initial estimate of median household income in November 2022 is $79,212, an increase of $399 (or 0.5%) from the initial estimate of $78,813 in October 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 reflects the results of that revision, showing the nominal (red) and inflation-adjusted (blue) trends for median household income in the United States from January 2000 through November 2022. The inflation-adjusted figures are presented in terms of constant November 2022 U.S. dollars.
Adjusted for inflation, November 2022's estimated median household income represents a new record peak for this demographic characteristic, exceeding the December 2021's previous peak by $1,031. The chart also confirms the effect of inflation has been muted since June 2022, coinciding with a 35% decline in oil prices since the start of that month. That the overall effect of inflation during these months has been so muted is the result of other prices rising to offset the reduction in oil and fuel prices.
Analyst's Notes
The BEA made very small, nearly unremarkable adjustments to its aggregate wage and salary data for the months of July through October 2022.
Looking forward, we will present our initial estimate for December 2022's median household income on 1 February 2023. Meanwhile, the U.S. Census Bureau will collect survey data from roughly 75,000 households for its Annual Social and Economic Supplement during March 2023, presenting its estimate of the U.S. median household income for the 2022 calendar year sometime in September 2023.
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: 23 December 2022. Accessed: 23 December 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: 23 December 2022. Accessed: 23 December 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: 13 December 2022. Accessed: 13 December 2022.