– by New Deal democrat
I’m a little bit late to this, since FRED took its time updating, however the annual report of median family earnings for the US was launched on Tuesday for 2023.
This is a crucial statistic in regards to the well-being of, effectively, the median American family, so one among my pet peeves is that it’s only launched yearly, and with a 9-month delay at that. So, Tuesday’s launch tells us about the place an necessary metric was about 18 months in the past. Yeah, that’s an issue in my ebook.
In any even, median family earnings rose a hair underneath 4.0% in 2023, to a degree solely exceeded – by 0.7% – in 2019:
That compares very favorably with the typical annual achieve within the earlier 10 years which was 0.7%. On an annual foundation, it was solely exceeded by 2015 and 2019 within the earlier 10 years.
I actually want the Census Bureau would replace this statistic at the least quarterly, since it’s primarily based on the month-to-month employment report. However because it doesn’t a number of personal analysis firms have estimated it on their very own. Most not too long ago, the mantle has been taken up by Movement Analysis, which I’ve highlighted in a number of earlier posts. Right here’s their most up-to-date replace:
To see how correct they had been in actual time, I went again and in contrast their month-to-month 2022 and 2023 updates with the official figures. On a median foundation, they’d actual median family *declining* -0.1% in 2023 YoY. However they’d 2022 and 2023 exceeding 2019 by 1.6% and 1.5%, respectively. Even on a year-end vs. year-end foundation, they solely had 2023 exceeding 2022 by 0.9%.
Clearly, the personal estimates have been lacking the mark.
However keep tuned, one 12 months from now we’ll learn how effectively households made out this 12 months.
The two huge causes (one apparent, one refined) why actual median family earnings declined in 2022, Indignant Bear by New Deal democrat
