U.S. INCOME: Falling

Posted on September 18, 2023 by Dr. David Edward Marcinko MBA

By Staff Reporters

For the third straight year, US incomes fell, according to new Census Bureau data. In 2022, the median household income fell to $74,580, adjusted for inflation. That’s a 2.3% decline from 2021’s median estimate of $76,330, according to the Census Bureau. And the latest figures mark a 4.7% drop from a 2019 peak of $78,250.

Meanwhile, earnings for both part-time and full-time workers fell 2.2% between 2021 and 2022. For full-time, year-round workers, median earnings dropped 1.3% in 2022.

One small bright spot: The Gini index, a measure of income inequality, modestly improved. The income gap between high- and low-income households decreased by 1.2% between 2021 and 2022, marking the first annual decrease since 2007.

GINI INDEX: https://medicalexecutivepost.com/2022/09/24/what-is-the-gini-index/

In all, though, the latest Census data provides a snapshot of American households’ economic troubles, and the abundance of cash-strapped workers has created new challenges for CFOs.

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