United States vs. United States Comparative Trends Report: Total Personal Income, 1958-2022 Briefing Report Outline: Page 1 of 8 Introduction  U.S.: 2022 TPI = $21,804,787,547K The annual total personal incomes (TPI) estimates compiled by the Bureau of Economic Analysis, (BEA) are among the most comprehensive, consistent, comparable and timely measures of economic activity available statewide and at the national levels. Personal income estimates are also the best available local level indicator of general purchasing power, and are therefore central to tracking and comparing state patterns of economic growth and change. The following graphs highlight trends in the pattern of growth and change in the total personal income of the United States. The data used are those compiled by the Regional Income and Product Divisions of the Bureau of Economic Analysis, U.S. Department of Commerce. The 2012 constant dollar (real) estimates of total personal income reported in the tables and portrayed graphically below are determined using the Implicit Price Deflator for Personal Consumption. Data Definition: Personal Income is the income that is received by all persons from all sources. It is calculated as the sum of wage and salary disbursements, supplements to wages and salaries, proprietors' income with inventory valuation and capital consumption adjustments, rental income of persons with capital consumption adjustment, personal dividend income, personal interest income, and personal current transfer receipts, less contributions for government social insurance. The personal income of an area is the income that is received by, or on behalf of, all the individuals who live in the area; therefore, the estimates of personal income are presented by the place of residence of the income recipients. Page 2 of 8 United States Total Personal Income, 1959-2022 Current vs. Constant Dollars (Billions)  Figure 1. Figure 1 depicts the United States' annual total personal income over 1959-2022 in current and constant (2012) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real purchasing power of the United States over time. When measured in current dollars, the United States' total personal income increased 5,346.72%, from $400B in 1959 to $21,805B in 2022. When measured in constant 2012 dollars to adjust for inflation, it advanced 617.12%, from $2,475B in 1959 to $17,748B in 2022. Page 3 of 8 Real Total Personal Income Indices (1958=100): 1958-2022  Figure 2. Figure 2 portrays the United States' real total personal income growth in a broader context by offering direct comparisons across time with . The growth indices shown here express each region's real total personal income in 1958 as a base figure of 100, and the real total personal incomes in later years as a percentage of the 1958 base figure. The United States' overall real total personal income growth was 651.98% over 1958-2022 . Page 4 of 8 United States Real Total Personal Income: Annual Percent Change, 1959-2022  Figure 3. Figure 3 highlights the short-run pattern of the United States' real total personal income growth by tracking the year-to-year percent change over 1959-2022. The average annual percent change for the entire 64-year period is also traced on this chart to provide a benchmark for gauging periods of relative high--and relative low--growth against the backdrop of the long-term average. On average, the United States' real total personal income grew at an annual rate of 3.22% over 1959-2022. The United States posted its highest growth in 1965 (6.47%) and posted its lowest growth in 2022 (-3.61%). In 2022, the United States' real total personal income declined by -3.61% Page 5 of 8 United States Real Total Personal Income: Annual Percent Change and Decade Averages Over 1959-2022  Figure 4. Over the past six decades some countries have experienced extreme swings in growth, and often such swings have tended to coincide with the decades themselves. Figure 4 again traces the annual percent change in the United States' real total personal income since 1959, but this time they are displayed with average growth rates for the decade of the 1960s, 1970s, 1980s, 1990s, 2000s, 2010s, and 2020-2022. During the 1960s, the United States' annual real total personal income growth rate averaged 4.82%. It averaged 3.50% in the 1970s, 3.17% during the 1980s, 3.30% during the 1990s, 2.04% in the 2000s, 2.79% during the 2010s, 1.73% thus far this decade (2020-2022). Page 6 of 8
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