US Economic Briefing: Income Measures December 21, 18 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 480-664-1333 djohnson@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents Pay Per Worker 1-2 Real Pay Per Worker 3 Population: Characteristics 4 Household vs. Family Income 5-7 Real Pay Per Worker 8 Income Shares 9-11 December 21, 18 / US Economic Briefing: Income Measures www.
0.4 80.4.4 Figure 1. COMPENSATION PER PAYROLL EMPLOYEE* (thousand dollars, saar, ratio scale) Pay Per Worker 0.4 80.4.4.4.4.4.4 Wages & Salaries Plus Supplements Wages & Salaries Supplements.4 59 61 63 67 69 71 73 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21.4 * Wages, salaries and supplements in personal income divided by payroll employment. Source: US Department of Labor, Bureau of Labor Statistics, and US Department of Commerce, Bureau of Economic Analysis. 21 Figure 2. SUPPLEMENTS TO WAGES & SALARIES (as a percent of wages & salaries plus supplements) 21 19 19 17 17 15 15 13 13 11 11 9 9 7 59 61 63 67 69 71 73 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 7 Source: Bureau of Economic Analysis. Page 1 / December 21, 18 / US Economic Briefing: Income Measures www.
80 Figure 3. COMPENSATION PER PAYROLL EMPLOYEE (thousand dollars, 3-month average, saar, ratio scale) Pay Per Worker 80 15 Pre-Tax Compensation Per Payroll Employee* 15 Real Pre-Tax Compensation Per Payroll Employee** 5 64 66 68 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 12 14 16 18 22 5 * Three-month average of wages & salaries plus supplements to wages & salaries divided by payroll employment. ** Three-month average of wages & salaries plus supplements to wages & salaries divided by personal consumption expenditures deflator divided by payroll employment. Source: US Department of Commerce, Bureau of Economic Analysis, and US Department of Labor, Bureau of Labor Statistics. 12 Figure 4. COMPENSATION PER WORKER (yearly percent change in 3-month average) Real Pre-Tax Compensation Per Payroll Employee* 12 8 Pre-Tax Compensation Per Payroll Employee** 8 6 6 4 4 2 2 0 0-2 -2-4 64 66 68 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 12 14 16 18-4 * Three-month average of wages & salaries plus supplements to wages & salaries divided by personal consumption expenditures deflator divided by payroll employment. ** Three-month average of wages & salaries plus supplements to wages & salaries divided by payroll employment. Source: US Department of Commerce, Bureau of Economic Analysis, and US Department of Labor, Bureau of Labor Statistics. Page 2 / December 21, 18 / US Economic Briefing: Income Measures www.
Real Pay Per Worker Figure 5. REAL PER CAPITA INCOME (thousands of 12 dollars, saar) Personal Income Per Capita Disposable Personal Income Per Capita 64 66 68 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 12 14 16 18 22 Source: US Department of Commerce, Bureau of Economic Analysis. 22 Figure 6. REAL WAGES & SALARIES PER PAYROLL EMPLOYEE* (thousands of 09 dollars, saar) Real Wages & Salaries Per Payroll Employee Real Average Hourly Earnings (dollars, sa) 18 16 14 64 66 68 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 12 14 16 18 22 * Using the personal consumption expenditures deflator. Source: US Department of Commerce, Bureau of Economic Analysis and US Department of Labor, Bureau of Labor Statistics. Page 3 / December 21, 18 / US Economic Briefing: Income Measures www.
3.9 3.8 3.7 3.6 3.5 3.4 3.3 Figure 7. HOUSEHOLD & FAMILY AVERAGE SIZE Population: Characteristics Persons Per: Family Household 3.9 3.8 3.7 3.6 3.5 3.4 3.3 3.2 3.1 3.0 2.9 2.8 2.7 18 3.2 3.1 3.0 2.9 2.8 2.7 2.6 2.6 2.5 18 2.5 2.4 19 19 19 19 19 19 19 19 1980 1985 1990 1995 00 05 15 2.4 Source: Current Population Reports. 80 78 Figure 8. LIFE EXPECTANCY AT BIRTH: US (years) 17 80 78 76 76 74 74 72 72 68 68 66 66 64 64 62 42 44 46 48 52 54 56 58 62 64 66 68 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 12 14 16 18 62 Source: US National Center for Health Statistics, Vital Statistics of the United States. Page 4 / December 21, 18 / US Economic Briefing: Income Measures www.
8 93 78 Figure 9. Household vs. Family Income HOUSEHOLD & FAMILY INCOME: CURRENT DOLLARS (thousands of dollars, ratio scale) 17 8 93 78 63 63 48 48 33 33 18 18 Mean Family (0.4) Mean Household (86.2) Median Family (.9) Median Household (61.4) 3 48 52 54 56 58 62 64 66 68 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 12 14 16 18 3 Source: Bureau of the Census and Current Population Reports. 5 95 85 Figure. HOUSEHOLD & FAMILY INCOME: REAL DOLLARS (using CPI)* (thousand 15 dollars, ratio scale) 5 95 85 17 Mean Family (0.4) Mean Household (86.2) Median Family (.9) Median Household (61.4) 48 52 54 56 58 62 64 66 68 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 12 14 16 18 22 * Money income including Social Security, but excluding non-cash benefits like Medicaid and Medicare. Source: Census Bureau and Current Population Reports. Page 5 / December 21, 18 / US Economic Briefing: Income Measures www.
300 0 Figure 11. Household vs. Family Income ADJUSTED HOUSEHOLD & FAMILY INCOME 15 300 0 29000 29000 200 200 200 200 000 000 100 0 100 8000 00 Real Mean Family (as a ratio of average family size) Real Mean Household (as a ratio of average household size) Real Median Family (as a ratio of average family size) Real Median Household (as a ratio of average household size) 48 52 54 56 58 62 64 66 68 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 12 14 16 18 00 100 0 100 8000 Source: Bureau of the Census and Current Population Reports. 56 54 52 48 46 44 42 38 36 34 32 28 26 24 22 18 16 14 Figure 12. MEASURES OF REAL INCOME Real Personal Income Per Capita (thousands of 05 dollars) Real Mean Household Income (as a ratio of average household size) 68 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 12 14 16 18 Source: Bureau of the Census and Current Population Reports. 300 0 000 28000 200 200 200 000 18000 100 0 Page 6 / December 21, 18 / US Economic Briefing: Income Measures www.
.90 Figure 13. Household vs. Family Income NOMINAL INCOME OF HOUSEHOLDS: MEDIAN/AVERAGE.90.85.85.80.80... 17 68 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 12 14 16 18 Source: Census Bureau...95 Figure 14. NOMINAL INCOME OF FAMILIES: MEDIAN/AVERAGE.95.90.90.85.85.80.80. 17.. 68 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 12 14 16 18 Source: Bureau of the Census.. Page 7 / December 21, 18 / US Economic Briefing: Income Measures www.
Real Pay Per Worker Figure 15. REAL COMPENSATION PER WORKER Real Pre-Tax Compensation Per Payroll Employee* (05 dollars, 3-month average, saar) Real Personal Income Per Capita (05 dollars) 15 68 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 12 14 16 18 22 15 * Three-month average of wages & salaries plus supplements to wages & salaries divided by personal consumption expenditures deflator divided by payroll employment. Source: US Department of Commerce, Bureau of Economic Analysis, and US Department of Labor, Bureau of Labor Statistics. 1 Figure 16. REAL INCOME vs REAL PAY PER WORKER 1 0 Mean Real Family Income (16 dollars) 17 0 Mean Real Household Income (16 dollars) 17 80 80 Real Pre-Tax Compensation Per Payroll Employee* (thousand dollars, 3-month average, saar) 68 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 12 14 16 18 * Three-month average of wages & salaries plus supplements to wages & salaries divided by personal consumption expenditures deflator divided by payroll employment. Source: US Department of Commerce, Bureau of Economic Analysis, and US Department of Labor, Bureau of Labor Statistics and Bureau of the Census. Page 8 / December 21, 18 / US Economic Briefing: Income Measures www.
115 1 5 0 95 90 85 80 Figure 17. MEAN INCOME OF HOUSEHOLDS BY AGE OF HEAD (thousands of 14 dollars) Income Shares Latest data thru: 17 67 69 71 73 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21-54 -44-64 All* -34 + 15-24 115 1 5 0 95 90 85 80 * Includes 15-24 year olds. Source: Bureau of the Census, Income Statistics Branch, unpublished data. 34 32 28 26 24 22 18 16 14 12 8 6 4 2 Figure 18. NUMBER OF HOUSEHOLDS BY AGE OF HEAD (millions) Latest data thru: 18 8 Under 6 4 62 64 66 68 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 12 14 16 18 22 2 + -64-54 -44-34 34 32 28 26 24 22 18 16 14 12 Source: Bureau of the Census, Income Statistics Branch, unpublished data. Page 9 / December 21, 18 / US Economic Briefing: Income Measures www.
20 20 20 20 20 20 20 00 1900 1800 10 10 10 10 00 900 800 0 0 0 0 0 0 0 Figure 19. Income Shares AGGREGATE MONEY INCOME BY AGE OF HOUSEHOLD* (billions of 14 dollars) Latest data thru: 17-64 -44 67 69 71 73 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21-54 + -34 Under 20 20 20 20 20 20 20 00 1900 1800 10 10 10 10 00 900 800 0 0 0 0 0 0 0 * Mean income times number of households. Source: Bureau of the Census, Income Statistics Branch, unpublished data. Figure. AGGREGATE MONEY INCOME BY AGE OF HOUSEHOLD HEAD* (as a percent of total money income) Latest data thru: 17-54 -64-44 + -34 Under 0 67 69 71 73 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 0 * Mean income in 13 dollars times number of households. Source: Bureau of the Census, Income Statistics Branch, unpublished data. Page / December 21, 18 / US Economic Briefing: Income Measures www.
Figure 21. SHARE OF HOUSEHOLD INCOME BY QUINTILE (percent) Income Shares Lowest Quintile 2nd Quintile 3rd Quintile 4th Quintile Highest Quintile 17 0 67 69 71 73 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 Source: Census Bureau and Haver Analytics. 0 Page 11 / December 21, 18 / US Economic Briefing: Income Measures www.
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