U.S. Annual Median Income Growth Rate

A U.S. Annual Median Income Growth Rate is a Annual Median Income Change Rate for a U.S. Annual Median Income.

• Context:
  • It has lagged dramatically to U.S. per Capita GDP Growth (of ~2%).
• Example(s):
  • between 1967-2010 it was +0.44% (inflation adjusted) (Bureau of Economic Analysis, 201?).
  • …
• Counter-Example(s):
  • a Canada Annual Median Income Change Rate, Germany Annual Median Income Change Rate, China Annual Median Income Change Rate,
  • a U.S. Annual per Capita GDP Change Rate.
• See: U.S. Labor Market, Compound Annual Growth Rate.

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References

2014

• (Sakir, 2014) ⇒ Salman Sakir. (2014). “Why It’s Bad When a Country’s GDP Grows More Than the Income of Its People." personal blog post.
  • NOTE: The comparison should be against per Capita GDP growth not GDP growth which does not account for population changes.
  • QUOTE: ... During the same period, CPI-adjusted median income increased from US $43,558 in 1967 to US $52,646 in 2010 according to US Census Bureau data. This yields a CAGR of 0.44 percent. It means that while GDP grew on average by 2.9 percent per year, CPI-adjusted median income increased by only 0.44 percent per year. There has been clearly a divergence in GDP growth and median income growth.

• http://www.multpl.com/us-median-income-growth
  • http://www.multpl.com/chart/us-median-income-growth-449dfa6fad1d744e.png

2013

• (DeNavas-Walt & Proctor, 2013) ⇒ Carmen DeNavas-Walt, and Bernadette D. Proctor. (2013). “Income and Poverty in the United States: 2013." U.S. Census Bureau, Report Number: P60-249
  • Median household income was $51,939 in 2013, not statistically different in real terms from the 2012 median. This is the second consecutive year that the annual change was not statistically significant, following two consecutive years of annual declines in median household income.
  • In 2013, real median household income was 8.0 percent lower than in 2007, the year before the most recent recession, and 8.7 percent lower than the median household income peak ($56,895) that occurred in 1999. (The percentage changes, 8.0 and 8.7, are not statistically different.)
  • The 2013 real median earnings of men ($50,033) and women ($39,157) who worked full time, year round were not statistically different from their respective 2012 medians.
  • The 2013 female-to-male earnings ratio was 0.78, not statistically different from the 2012 ratio.
  • Between 2012 and 2013, the number of men and women working full time, year round with earnings increased by 1.8 million and 1.0 million, respectively. (The difference between the increases was not statistically significant.)
  • Between 2010 (the year following the most recent recession) and 2013, the number of workers with earnings, regardless of work experience, increased by 4.5 million to 158.1 million. For those working full time, year round, the increase was 6.4 million to 105.8 million. While the number of all workers in 2013 was not statistically different from the peak that occurred in 2007, the number of full-time year-round workers in 2013 was less than the 2007 peak of 108.6 million.

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