I have been working on a graph to show how different US income data series compare to one another. I have plotted 8 income series from 4 different sources, including average and median income. Also I used the CPI-U to adjust each series to 2005 dollars instead of 2002$, 2003$ and 2004$.
Click on the graph to take a closer look:
Data sources for the income series can be found at:
- Bureau of Labor Statistics (BLS) GDP per Employed Person A good stand-in for worker productivity
- Congressional Budget Office (CBO) Average Household Includes non-cash income
- Census Average Family Income
- Census Average Household Income
- Census Median Family Income
- Census Median Household Income
- Saez Average Tax Units with cap gains (Excel file at Emmanuel Saez’s web site)
- Saez Average Tax Units without cap gains (Excel file at Emmanuel Saez’s web site)
Some of the differences in these series is due to the unit of measurement:
- Family is defined as two or more related people living together
- Households include families, singles, non-related people living together.
- Tax units are singles, married filling jointly, head of household.
Also over time, family and household sizes have been getting smaller.
If you see a problem with the graph you can post a comment. I plan to refine this graph over the next few weeks.
Addendum:
10/7/2006 Reformatted some of the labels and fixed the y-axis label
Technorati Tags: average income, median income, US income, US income distribution
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The Blog economistview has list of the best sources for income data.
The table is a good one. However, you should have added a line for “Families - Wife Not in Paid Labor Force”. This number rose from $22,028 in 1950 to $42,049 in 1973 and is unchanged ($42,221 in 2004) since. In other words, essentially all gains in family income since 1973 have come from increasing effort (wives working) rather than rising wages/salaries. Given that BLS GDP per worker has soared since 1973, this is quite revealing.
Thank you
Peter Schaeffer
Was this from an Excel spreadsheet? How did you generate the chart? Excel? Could you please send me a copy of the spreadsheet. Thank you. You have my Email address.