Per capita personal income in the United States

In today's world, Per capita personal income in the United States has taken a fundamental role in people's lives. Since its emergence, Per capita personal income in the United States has generated a significant impact on various aspects of society, from the way we communicate to the way we carry out our daily activities. In this article, we will explore the role that Per capita personal income in the United States plays in our daily lives, as well as its impact in different areas. From its influence on popular culture to its relevance in the academic field, Per capita personal income in the United States has proven to be a topic of great interest and relevance today. Through this research, we will seek to better understand the role Per capita personal income in the United States plays in our lives and its influence on the world around us.

As per United States Census Bureau 2021 data, the mean per capita income in the United States is $37,683, while median household income is around $69,021.

One of the most commonly used metrics for gauging the economic performance and shifting fortunes of local economies is per capita income (PCI). 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.

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%). 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. Over the period 1959–2020, the United States' per capita personal income increased at an average annual rate of 2.27 percent.

See also

References

  1. ^ "U.S. Census Bureau QuickFacts: United States". www.census.gov. Retrieved 2024-03-16.
  2. ^ a b "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.