Political Calculations' initial estimate of median household income in March 2023 is $81,340, an increase of $447 (or 0.6%) from the initial estimate of $80,893 in February 2023.
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.
Adjusted for inflation, the level of median household income in March 2023 represents a $182 increase over February's estimate, with earned income outpacing consumer price inflation during the month. March 2023 represents a new record peak for median household income.
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 March 2023 The inflation-adjusted figures are presented in terms of constant March 2023 U.S. dollars.
Since we haven't featured it in a while, here's the updated picture for averge individual earned income during the Biden era:
After having significantly decelerated in the first half of 2022, nominal earned wage and salary income per capita grew slightly faster in the second half, which has continued through the first quarter of 2023. Unfortunately, inflation-adjusted personal income has generally stayed below its December 2021 peak.
Analyst's Notes
There were minimal revisions in the BEA's historic aggregate wage and salary data this month, only affecting the data for January 2023 (-0.009%) and February 2023 (-0.021%).
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: 28 April 2023. Accessed: 28 April 2023.
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: 28 April 2023. Accessed: 28 April 2023.
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: 12 April 2023. Accessed: 12 April 2023.
Image credit: Photo by Alexander Grey on Unsplash.
Labels: median household income
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