July 2018 Median Household Income

Median household income in the United States rose to $62,450 in July 2018, with Sentier Research reporting a 0.4% increase over its June 2018 estimate of $62,175.

The following chart shows the nominal (red) and inflation-adjusted (blue) trends for median household income in the United States from January 2000 through July 2018, as given by Sentier Research’s monthly estimates. The inflation-adjusted figures are presented in terms of constant July 2018 U.S. dollars.

U.S. median household income is setting new monthly records in both nominal and real terms. In July 2018, it is also now seeing some of its fastest-on-record nominal year-over-year growth rates. Our second chart shows that data from January 2001 through July 2018.

The nominal rate of year over year growth for median household income has reached 5.6% in July 2018, which ranks fifth for the monthly data we have going back to January 2001. The inflation-adjusted year-over-year growth rate of median household income was also up for July 2018.

Notes

Our alternative method for estimating median household income turned in a preliminary figure of $62,152 for July 2018, within 0.5% of Sentier Research’s Current Population Survey-based estimate. This figure is up from the $61,891 preliminary figure that we had previously reported for June 2018, which we would revise upward this month to be $61,929. The BEA’s monthly revision of its personal income data affected data from January 2018 through June 2018.

Looking forward, September 2018 will be another big month on the U.S. income data calendar, with the U.S. Census Bureau set to publish its annual income figures for the 2017 calendar year, following months of compiling and analyzing all the income data that it collected through the Annual Social and Economic Supplement of its Current Population Survey in March 2018.

Data Sources

U.S. Bureau of Economic Analysis. Table 2.6. Personal Income and Its Disposition, Monthly, Personal Income and Outlays, Not Seasonally Adjusted, Monthly, Middle of Month. Population. [PDF Document, Online Database (via Federal Reserve Economic Data)]. Last Updated: 30 August 2018.