Per capita personal income in the United States

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As per United States Census Bureau 2022 data, the mean per capita income in the United States is $37,683, while median household income is around $69,021. [1]

One of the most commonly used metrics for gauging the economic performance and shifting fortunes of local economies is per capita income (PCI). [2] It is measured as the amount of wage and compensation disbursements, other labor income, proprietors' income with inventory valuation and capital consumption adjustments, persons' rental income with capital consumption adjustments, personal dividend income, personal interest income, and transfer payments to persons, less personal social insurance contributions. The Per Capita Personal Income of the United States defines the personal income of a specific area, earned by or on behalf of all of the persons who live in the area. As a result, personal income figures are presented by the income recipients' place of residence. This measure of income is calculated as the personal income of the residents of a given area divided by the resident population of the area. The Bureau of Economic Analysis (BEA) uses the United States Census Bureau's annual midyear population projections to calculate per capita personal income for states and counties. Except for college students and other seasonal populations, which are counted on April 1, the population for all other groups is counted on July 1. [3]

On average, the United States' real per capita personal income grew at an annual rate of 2.27% over 1959–2020. The United States posted its highest growth in 1984 (5.53%) and posted its lowest growth in 2009 (−3.87%). [2] In all states and the District of Columbia, an improvement in transfer receipts was the leading contributor to personal income growth in 2020. The percentage change in personal income in each state ranged from 8.4 percent in Arizona and Montana to 2.4 percent in Wyoming states. All of which[ clarification needed ] increased the per capita personal income in 2020 by 6.1 percent, following a previous increase of 3.9 percent in 2019. The combined increase in personal income throughout the United States totaled $1.1 trillion. [4] Over the period 1959–2020, the United States' per capita personal income increased at an average annual rate of 2.27 percent.

See also

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<span class="mw-page-title-main">Per capita income</span> Average income of an economy

Per capita income (PCI) or average income measures the average income earned per person in a given area in a specified year.

<span class="mw-page-title-main">Economy of the United States</span>

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<span class="mw-page-title-main">Standard of living in the United States</span> Summary of living conditions in the United States of America

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<span class="mw-page-title-main">Demographics of the United States</span>

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<span class="mw-page-title-main">Household income in the United States</span> US family income

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<span class="mw-page-title-main">Personal income in the United States</span>

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<span class="mw-page-title-main">Poverty in the United States</span>

In the United States, poverty has both social and political implications. In 2020, there were 37.2 million people in poverty. Some of the many causes include income inequality, inflation, unemployment, debt traps and poor education. The majority of adults living in poverty are employed and have at least a high school education. Although the US is a relatively wealthy country by international standards, it has a persistently high poverty rate compared to other developed countries due in part to a less generous welfare system.

References

  1. ↑ "U.S. Census Bureau QuickFacts: United States". www.census.gov. Retrieved 2024-03-16.
  2. 1 2 "United States | Per Capita Personal Income Trends over 1958-2020". United States Regional Economic Analysis Project. Retrieved 2021-04-13.
  3. ↑ "Source and Methodology: Personal Income Rates - Appalachian Regional Commission". data.arc.gov. Retrieved 2021-04-13.
  4. ↑ "State Annual Personal Income, 2020 (Preliminary) and State Quarterly Personal Income, 4th Quarter 2020 | U.S. Bureau of Economic Analysis (BEA)". www.bea.gov. Retrieved 2021-04-13.
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