Electronic income

Median household income in March 2022

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The policy calculations’ initial estimate of median household income in March 2022 is $75,539, an increase of $740 (or 0.99%) from the initial estimate of $74,799 in February 2022.

The latest update of the political calculations table tracking median household income in the 21st century shows nominal (red) and inflation-adjusted (blue) trends in median household income in the United States from January 2000 through March 2022. Inflation-adjusted numbers are presented in constant March 2022 terms. U.S. dollars.

Median household income in the 21st century: nominal and real modeled estimates, January 2000 to March 2022

Now on to the bad news. The estimated median household income of $75,539 in March 2022 is $286 (or 0.4%) lower than the February 2022 inflation-adjusted estimate of $75,825 in constant March 2022 US dollars. is also lower than the December 2021 inflation-adjusted estimate of $75,775.

Going back to non-inflation-adjusted nominal data, median household income increased by $2,059 from the revised December 2021 estimate of $73,480 to the March 2022 estimate of $75,539. All of this increase, and even some of it, was eroded by President Biden’s inflation and the economic fallout from Russia’s invasion of Ukraine on February 24, 2022. It is no coincidence that the first estimate of real GDP growth in the first quarter of 2022 is negative.

Analyst Notes

For March 2022, the BEA has carried out a slight upward revision of salary data for January 2022 (+0.06%) and a more notable revision for February 2022 (+0.32%).

References

US Bureau of Economic Analysis. Table 2.6. Personal income and its disposition, monthly, personal income and expenses, not seasonally adjusted, monthly, mid-month. Population. [Online Database (via Federal Reserve Economic Data)]. Last updated: April 29, 2022. Accessed: April 29, 2022.

US Bureau of Economic Analysis. Table 2.6. Personal income and its disposition, monthly, personal income and expenses, not seasonally adjusted, monthly, mid-month. Compensation of employees, received: payments of wages and salaries. [Online Database (via Federal Reserve Economic Data)]. Last updated: April 29, 2022. Accessed: April 29, 2022.

United States Department of Labor Bureau of Labor Statistics. Consumer Price Index, All Urban Consumers – (CPI-U), US City Average, All Items, 1982-84=100. [Online Database (via Federal Reserve Economic Data)]. Last updated: April 12, 2022. Accessed: April 12, 2022.

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Editor’s note: The summary bullet points for this article were chosen by the Seeking Alpha editors.