– by New Deal democrat
I’m a bit of 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 vital statistic concerning the well-being of, nicely, the median American family, so certainly one of my pet peeves is that it is just 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 e book.
In any even, median family earnings rose a hair beneath 4.0% in 2023, to a stage solely exceeded – by 0.7% – in 2019:
That compares very favorably with the typical annual acquire 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 no less than quarterly, since it’s primarily based on the month-to-month employment report. However because it doesn’t a number of non-public analysis corporations have estimated it on their very own. Most just lately, 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 have 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, that they had actual median family *declining* -0.1% in 2023 YoY. However that they had 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 non-public estimates have been lacking the mark.
However keep tuned, one yr from now we are going to learn how nicely households made out this yr.
The two massive causes (one apparent, one delicate) why actual median family earnings declined in 2022, Offended Bear by New Deal democrat
