Tag Archives: Average

How much money are we earning? The average Canadian wages right now, average income by

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So, how much are we earning? The average Canadian salaries by industry and region

Posted on November 30, 2016

[Updated November 2016] Statistics Canada recently updated their report on average salaries across the country, and it seems we re taking home a little more than we were in 2015.

As of September 2016, the average wage for Canadian employees was $952 a week – or just under $50,000 a year. This represents a 0.4% increase over the same period last year.

Here s a look at the most recent average Canadian salary by province (or territory):

  • Newfoundland and Labrador $52,572
  • New Brunswick $44,044
  • Nova Scotia $44,326
  • Prince Edward Island $43,239
  • Quebec – $46,114
  • Ontario $50,589
  • Manitoba $46,363
  • Saskatchewan -$51,057
  • Alberta – $58,133
  • British Columbia – $47,914
  • Yukon – $54,367
  • Northwest Territories – $73,221
  • Nunavut – $65,403

Over the past year, the largest gains in salary were seen in the finance and insurance field, where earnings increased 7.4% to $65,348 per year. Information and cultural industries saw the next biggest increase in average salary over the last 12 months, at 5.8%.

Here are the average Canadian salaries by sector (based on the 2012 North American Industry Classification System):

  • Mining, quarrying, and oil and gas extraction – $107,065
  • Utilities $89,955
  • Construction $62,461
  • Manufacturing – $56,446
  • Retail $29,398
  • Transportation and warehousing – $52,383
  • Information and cultural industries $66,309
  • Finance and insurance $65,348
  • Real estate and rental and leasing $48,887
  • Professional, scientific and technical services $69,032
  • Educational services $53,109
  • Health care and social assistance $44,949
  • Arts, entertainment, and recreation – $30,396
  • Accommodation and food services – $19,430
  • Public administration – $63,894

Curious about what you can earn with jobs that are currently available? Here are the average salaries for the 10 most in-demand jobs in Canada:

Where do you sit on the salary spectrum? Want something higher? It s time to look for something better.

The 10 most in-demand jobs and what they pay


Canadian Cities Where An Average Income Will No Longer Buy You A House, average income

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Canadian Cities Where An Average Income Will No Longer Buy You A House

Average-income families can no longer afford a detached house in more than a quarter of Canada’s largest cities, according to an analysis carried out by The Huffington Post Canada.

And while Toronto and Vancouver are famous for their high house prices, HuffPost’s survey shows those cities’ traditionally affordable suburbs are now out of reach for middle-income earners as well. In these cities, average earners have basically no choice but to buy a condo, or stay out of the housing market.

Of the 26 largest cities in Canada, seven fell into the “unaffordable” category — meaning the average sale price of a stand-alone home was at least $100,000 more than the maximum mortgage amount an average income will get you. (See methodology below.)

Among those cities were many formerly affordable suburbs, including Markham and Mississauga (greater Toronto), and Burnaby and Surrey (greater Vancouver).

Four cities — Calgary, Edmonton, Brampton, Ont., and Victoria, B.C. — fell into the “borderline” category. Middle-income earners in these cities could soon be priced out of the single-family home market, if prices there continue to grow faster than income, as has been the case in all of them except Victoria. (Prices there have been falling slowly for years.)

Check out the full list (story continues below):

Cities Where Middle Income No Longer Buys You A House

With house prices growing rapidly thanks to rock-bottom interest rates that have made mortgage payments more affordable, developers have been shifting to condo construction to build affordable housing.

“In the 1990s, you might have four or five single detached for every row house, now it’s more like three to one,” BMO economist Doug Porter said in a recent interview with the National Post, adding that the trend “is becoming even more obvious in recent years.”

But it’s not just prices, it’s a lack of supply. In Toronto and Calgary in particular, there are simply too few single-family homes for sale to meet demand. Scotiabank economist Adrienne Warren says Calgary will be able to meet future demand through construction, but Toronto faces a different problem: It’s running out of space to build houses, thanks to policies, such as the Green Belt, meant to reduce urban sprawl.

The measures seem to have worked; Greater Toronto is moving towards higher-density housing, so much so that it leads North America in high-rise construction, with 50 per cent more being built there than in New York City (though that could be a sign of overbuilding). But one unintended consequence appears to be a serious decrease in the affordability of detached homes.

How we determined what’s affordable

To determine whether or not middle-income earners can afford a detached home in a given market, HuffPost took the average household income for all Canadians — estimated at $87,000 annually, based on StatsCan data — and polled a handful of mortgage experts to see what that income would get you, in terms of a mortgage.

The average of the mortgage experts’ estimates came to $460,000 — that’s what you can borrow, assuming a household income of $87,000, a 25-year amortization period, a 5-per-cent down payment, no other debts and current mortgage rates.

Any market where the average price of a detached house is more than $100,000 above the $460,000 mark we define as “unaffordable.”

You might still be able to buy a standalone house in these markets for a middle-income wage (even in super-pricey Toronto you can still buy a house, every now and then, for an average income) but at these price levels you’re almost certain to get a substandard home in a less desirable area.

Any market where the average price of a house is above the maximum mortgage middle earners can get, but by less than $100,000, is defined as “borderline.” There are still houses here that middle earners can afford, but not many.

All other housing markets are defined as “affordable.”


Surgeon Salary: How Much Doctors Make, Time, average income in usa.#Average #income #in #usa

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Surgeon Salary: How Much Doctors Make

Doctors are still high earners, although few consider themselves rich, finds a recent survey by Medscape, a physician-focused information service from WebMD.

Using a third-party online collection website, Medscape surveyed 24,216 physicians across 25 specialties from Feb. 1 to 17, 2012. Doctors earnings ranged from about $156,000 a year for pediatricians to about $315,000 for radiologists and orthopedic surgeons. The highest earners orthopedic surgeons and radiologists were the same as last year, followed by cardiologists who earned $314,000 and anesthesiologists who made $309,000.

The lowest earning doctors are the family guys. Pediatricians and family practitioners make about $156,000 and $158,000, respectively. Internists and psychiatrists rank a notch above, at about $165,00 and $170,000, respectively.

The salary figures fall short of numbers reported by other survey groups: a Medical Group Management Association report using 2010 data, found that the average compensation for radiologists was $471,253 and for pediatricians it was $192,148, Kaiser Health News reports.

Overall, not a lot changed over the previous year in terms of pay rank, according to Medscape, but salaries dipped in general. Radiologists and orthopedic surgeons saw their annual compensation fall by 10%. General surgeons experienced the largest drop in pay, by 12% since 2010, while ophthalmologists saw a 9% boost and pediatricians income rose 5%.

Despite their sizable salaries, only about 11% of doctors considered themselves rich, which the survey authors attribute to physicians high debts and expenses. About 51% of all physicians and 46% of primary care physicians said they thought they were compensated fairly. When asked if they would choose a career in medicine if they had it to do all over again, 54% of physicians surveyed said yes down from 69% the previous year.

Here s an overview of physicians compensation in 2011:

Plastic surgery: $270,000

General surgery: $265,000

The survey also addressed the gender gap in compensation, reporting that male doctors earn 40% more than female physicians. The survey authors say that part of the difference is due to choice of specialties and lifestyle decisions, suggesting that if female doctors worked the same number of hours as men, they would likely earn more equal pay.

Interestingly, the survey found that doctors in the Northeast earned the least. The highest-paid physicians practiced in the North Central region (Iowa, Missouri, Kansas, Nebraska, and South and North Dakota), earning on average $234,000. Next came doctors in the South Central and Great Lakes region, with a mean salary of $228,000. Northeast docs earned $204,000 on average.

Despite the widespread push to reduce unnecessary care and lower health-care costs, about 67% of physicians said they would not reduce the number of tests, procedures or treatments they perform in order to comply with insurer treatment guidelines. Their reasoning was that either such guidelines were not in their patients best interests or that doctors still need to practice defensive medicine.

You can view the full 2012 Medscape Physician Compensation Report here. And click here to see a related lifestyle survey released in March on physicians health and happiness.


Average incomes return to pre-recession levels, average incomes.#Average #incomes

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Average incomes return to pre-recession levels

Average incomes

By Steven Swinford, Deputy Political Editor

12:00AM GMT 04 Mar 2015

Average household incomes have returned to pre-recession levels as the economic recovery takes hold, the Institute for Fiscal Studies has suggested.

The IFS analysis said that household incomes were finally strengthening after the slowest recovery following a recession in history.

The report showed that a family with two children is now earning on average £31,000 after tax, breaking the level seen in 2007-08.

The IFS also said that the gap between the richest and the poorest had fallen as wages had been squeezed.

George Osborne seized on the figures as evidence that the economic recovery is feeding through to millions of people. The Chancellor said: This confirmation from the independent IFS that incomes are back to their pre-crisis levels is another major milestone in our recovery from Labour s Great Recession, and another sign that our long-term economic plan is working.

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But we don t want just to repair the damage done we want hard-working families to have higher incomes and pay lower taxes on those incomes, with all the economic security that brings. With two months to go until a critical general election, all this progress would be lost if we changed course.

The IFS said that the slow recovery had been a remarkable feature of the downturn. In 2007-08, just before the recession, a family with two children earned £30,700. The figure peaked in 2010-11 before the effects of the recession were felt and it fell significantly over the next two years. Last year it rose to £31,000.

The IFS said that the Coalition took office just as household incomes were starting their inevitable decline, adding that it was almost certain that the same would have happened under any government.

When compared with previous economic recoveries, the improvement in living standards has been slow. Between 2011-12 and 2014-15, incomes grew by 1.8 per cent, compared with 9.2 per cent after the early Eighties recession and 5.1 per cent in the Nineties.

Weak growth in wages has been one of the key reasons for the slow recovery, while tax increases and benefit cuts have also squeezed incomes.

Iain Duncan Smith, the Work and Pensions Secretary, said the Tories still had to demonstrate they were not driven by a desire to punish people on benefits. He said that for too long his party had addressed the poor with finger wagging and should offer them hope and opportunity instead.

The report also looked at how different groups have fared. Andrew Hood, an author of the report, said: The young have done much worse than the old, those on higher incomes somewhat worse than those on lower incomes, and those with children better than those without.

The IFS said that the slow recovery has been a “remarkable feature” of the recent downturn.

The weak growth in wages has been one of the key reasons for the slow recovery, while tax increases and benefit cuts have also squeezed incomes.

The Institute of Fiscal Studies highlighted evidence that households consider the downturn to have permanently affected their income prospects.

The report also looked at how different groups are faring as the recovery takes hold.

The IFS said that large falls in real earnings have had a bigger effect on wealthier households, while poorer households have been hit harder by the rising cost of living.

Lower income households tend to dedicate a higher share of their income towards food and energy costs than those who are more well off.

The pressure on homeowners has been eased by low-mortgage rates but poorer households have been less likely to benefit as they are less likely to own their property.

The report found that while the average income of people aged 60 and over is projected to be 1.8 per cent higher in 2014/15 than in 2007/08, the income of those aged between 22 and 30 years old is estimated to be nearly 8 per cent lower than in 2007/08.

While pensioners have been hit particularly badly by the rising cost of energy and food in recent years, they have been helped by measures such as the “triple locking” of the state pension, which guarantees that the pension is uprated by a certain amount, according to the findings.

Average incomes


Income and wealth – Office for National Statistics, average incomes.#Average #incomes

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Income and wealth

UK household income and wealth.

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Highlights

Average incomes

Effects of taxes and benefits on UK household income: financial year ending 2016

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Datasets related to Income and wealth

The effects of taxes and benefits on household income

Average incomes, taxes and benefits and household characteristics of all, retired and non-retired households in the UK for the financial year ending 2016, by quintile and decile groups, country and region and tenure type.

Nowcasting household income in the UK

Provisional estimates of income and inequality measures for financial year ending 2017, alongside historical data.

Economic Well-being: Summary of Figures

Full datasets of indicators included or referenced in the Economic Well-being release.

Equivalised disposable household income

Average equivalised disposable income for all households

Households receiving more in benefits than paid in taxes

The percentage of households in the UK who receive more in benefits (both cash benefits and benefits in kind) than they pay in taxes (both direct and indirect), from 1977 to 2012/13.

User requested data

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Publications related to Income and wealth

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Effects of taxes and benefits on UK household income: financial year ending 2016

The redistribution effects on households of direct and indirect taxation and benefits received in cash or kind analysed by household type, and the changing levels of income inequality over time.

Economic Well-being: April to June 2017

Presents indicators that adjust or supplement more traditional measures such as GDP to give a more rounded and comprehensive basis for assessing changes in economic well-being.

Household disposable income and inequality in the UK: financial year ending 2016

Initial insight into key estimates of household incomes and inequality in the UK, along with analysis of how these measures have changed over time accounting for inflation and household composition.

Articles

Early indicator estimates from the Wealth and Assets Survey: attitudes towards saving for retirement, credit commitments and debt burden, July 2016 to Dec 2016

Preliminary estimates for Great Britain from the Wealth and Assets Survey using attitudinal data not dependent on thorough checking and imputation methodology.

Financial capability in Great Britain: 2010 to 2012

This article describes the results of analysis of the financial capability measures contained in the 2010 to 2012 Wealth and Assets Survey, many of which were asked for the first time in this wave. It has been written by Andrea Finney and David Hayes of the University of Bristol’s Personal Finance Research Centre to follow the style of an Office for National Statistics statistical bulletin

Persistent poverty in the UK and EU: 2015

Rates of persistent relative income poverty for the UK are compared with other EU countries.

Family Spending: 2015

A report on the Living Costs and Food Survey 2014.

General Lifestyle Survey: 2011

Includes chapters on health, smoking, drinking, households, families and access to vehicles.


US Average Hourly Earnings, average income usa.#Average #income #usa

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US Average Hourly Earnings:

US Average Hourly Earnings is at a current level of 26.53, down from 26.54 last month. This represents a monthly annualized growth rate of -0.45%, compared to a long term average annualized growth rate of 2.42%

  • Category:Hours and Wages
  • Region:United States
  • Report:Employment Situation
  • Source:Bureau of Labor Statistics

US Average Hourly Earnings Chart

US Average Hourly Earnings Historical Data

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US Average Hourly Earnings News

US Average Hourly Earnings Summary

  • Last Value: 26.53
  • Latest Period: Oct 2017
  • Updated: Nov 3, 2017, 09:22 EDT
  • Next Release: Dec 8, 2017, 08:30 EST
  • Frequency: Monthly
  • Unit: USD
  • Adjustment: Seasonally Adjusted
  • Average Growth Rate: 2.42%
  • Value Previously: 26.54
  • Change From Previous: -0.04%
  • Value One Year Ago: 25.90
  • Change From One Year Ago: 2.43%
  • First Period: Mar 2006
  • First Value: 20.05
  • Notes: All private employees.

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I:USAHE Excel Add-In Codes

  • Indicator Code: I:USAHE
  • Indicator Name: =YCI(“I:USAHE”,”name”)
  • Latest Value: =YCP(“I:USAHE”)
  • Last 5 Values: =YCS(“I:USAHE”,,-4)

To find the codes for any of our financial metrics, see our Complete Reference of Metric Codes.

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Average Income in USA: Family, Household, History, average income usa.#Average #income #usa

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What Is Average Income in the USA? Family, Household, History

Average income usa

Definition: Average income is any statistic that describes how much money an individual, family, or household makes. The U.S. Census Bureau reports average U.S. incomes in September of each year.

The Census reports two kinds of averages. The mean sums up all incomes and divides by the number of people reporting. The median income is the point where half the people make more and half make less. The mean income is usually higher.

That s because the few people who make enormous amounts of money skew the results higher. In the mean, they outweigh the many who make low incomes. That gives an inaccurate estimate because it s affected by the income inequality in the United States. Therefore, most reports use the median income.

The Census reports average income for three different groups.

  1. Income per person is the income for each person age 15 or older. It s more commonly known as income per capita.
  2. Family income is average for a family of two or more related people living in a household. They can be related by birth, marriage, or adoption.
  3. Household income is the average income of all people living in a housing unit. It doesn t matter if they are living alone, or with a family, or a group of unrelated individuals.

Real income removes the effects of inflation. To compare income levels over time, you must use real income. Nominal income ignores the changing cost of living.

When looking at average income, you must pay attention to what it measures specifically. Always determine whether it s the mean or median. Find out whether it s per capita, family, or household. Last but not least, be sure you know whether it s real or nominal.

The Census breaks out average incomes for many different groups. These include age, relationship to the household, race, education, and type of housing. It reports income levels in $2,500 increments. The Census will release the next report, on 2017 average incomes, in September 2018.

Current Average Income

The 2016 nominal median income per capita was $31,099. The mean income per capita was $46,550. The Census Bureau reports those in the Current Population Survey, Table PINC-01.

Real median household income was $59,039 in 2016. That s the first time income exceeded the 2007 level of $58,149. It s also slightly higher than the 2015 income of $57,230. The first increase since the Great Recession was in 2015. All are reported in 2016 dollars. The Census report household income in Table A-1.

The federal government uses the median household income to establish poverty levels. That determines eligibility for Obamacare subsidies and welfare programs.

Real median family income was $72,707 in 2016. That s higher than the 2007 peak of $71,024 (as measured in 206 dollars). It s also more than the 2015 level of $71,590. The government uses the family income for statistical purposes, such as reporting the poverty threshold.

The Census reports family income in Table F-6.

U.S. Average Income Has Finally Caught Up

The table below compares the change in income through the 2000 and 2008 recessions. Incomes didn t start improving until 2006, just as the seeds of the 2008 financial crisis were being planted. That s when the Fed raised interest rates. As mortgages became more expensive, homes prices fell. Mortgage defaults began to rise. But the crisis didn t spread to the general economy until 2008. The Dow hit its peak in November 2007.

Most of the jobs created before the recession were in financial services and construction. Those jobs did not return in 2009. Instead, jobs were in low-paying areas such as retail and food services. Many employers hired temporary or freelance workers instead of offering full-time positions.

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To make matters worse, the government did not create jobs. The Bush administration relied on tax cuts and military spending to boost the economy. Neither are good job creators. Obama had the right idea in spending more on education and public works. Those types of programs are the best unemployment solutions.

After the 2010 mid-term elections, the Republican majority in Congress focused on reducing the debt instead of creating jobs. The unemployment rate fell, as people dropped out of the labor force, but incomes did not rise.

In 2013, the Fed did what it could by keeping interest rates low. But those low rates created an asset bubble in the stock market, which hit new highs. At the same time, average income levels briefly rose.

In 2014, new technology in shale oil drilling boosted incomes in Montana, Wyoming, North Dakota, South Dakota, Nebraska. Washington DC and the states around it (West Virginia, Virginia, and Maryland) also improved. But incomes fell along with oil prices.

In 2015, income levels rose as unemployment fell. The situation further improved in 2016, when the income exceeded the prerecession peak.

Historical Real Median Household Income, Economic Growth and Unemployment

Poverty

As a result of the worsening of the average income, 43.1 million Americans live below the federal poverty threshold. In 2016, that was $23,339 for a typical family of four. This is more than just the usual suspects, such as illegal immigrants, inner-city poor and welfare cheaters. This is every third person you meet today. How did this happen?

In 2008, real wages decreased 0.8 percent. Real wages measure the purchasing power of a family s income. Although wages increased 3.7 percent in 2008, prices increased even more.

U.S. wage levels are compressed to compete with pay levels in foreign countries such as China and India. They have a much lower cost of living. At the same time, the education and skill level of their labor forces are increasing. Furthermore, technology and the spread of English makes it easier to employ foreign workers. Outsourcing has hit hardest in call centers and computer programming. Capitalism requires U.S. companies to employ these lower-cost, skilled employees. Otherwise, they will lose market share to international competitors.

Does the minimum wage keep you out of poverty? No. In fact, if you earn the U.S. minimum wage of $7.25 an hour, and you were the only breadwinner for a family of four, you would be beneath the poverty line. The minimum wage pays a full-time worker $15,080 a year. That s less than the $23,050 needed to keep a family out of poverty (equivalent to $10.60 per hour).

Congress has kept minimum wage the same since 2009. If the minimum wage had been adjusted for the cost of living over the last 40 years, it would now be $10.41 an hour. If it had kept up with executive level pay increases, it would be $23/hour. Then the minimum wage would be a living wage.

At the same time, prices of food and oil increased, when the dollar declined between 2000 and 2006. The Clean Energy Act raised prices by diverting corn crops to the production of ethanol. That raised the price of corn, a primary feedstock for beef, also leading to higher food prices.


Median and Average Income in Canada and the US, Freedom 35 Blog, average income usa.#Average

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Freedom 35 Blog

Median and Average Income

What are the median and average incomes in Canada? What is the typical income of someone in his or her 30s? How much do Canadians make relative to other countries? This page will answer those kinds of questions

Generic Median and Average Income Statistics

Average income usa

Women Made 85% as much as Men in Canada during 2010. Source.

Average income usa

Global Income

Top 20 Countries with the highest Average Income Per Person. Source: cia.gov/library/publications/the-world-factbook/rankorder/2004rank.html

Average income usa

3 Decade Comparison of Income per Person in 7 Countries. Source via Google.Average income usa

Income Inequality in Developed Nations. Source.Average income usa

How the Average Income Level in a Country Relates to Its Other Measures of Well-Being. Source.

Average income usa

  • 42% of the global income goes to the top 10% of the world s richest population. Meanwhile, 1% of the world s income is shared by the poorest 10%.
  • Countries with very high inequality are in South America and southern Africa. Low inequality exists mostly in Europe. Canada and the U.S. have medium income inequality.

High-Level Income Statistics

Average income usa

  • The top 10% of all earners in Canada made $80,400 or more in 2010. Source
  • To be in the top 1% in Canada, you needed an income of $201,000. People in this group earn 11% of the total national income, but they pay about 21% of federal and provincial taxes. Most of them (92%) live in just 4 provinces: ON, AB, QC, BC (2010) Source
  • The 0.1% richest Canadians make at least $685,000 (2010) Source
  • The top 0.01% (1 in every 10,000) makes $2,570,000 or more (2010) Source
  • To be in the top 10% in the United States, you need an income of $82,500 a year. (2010) Source
  • To be in the top 1% in the US you need an income of $370,000 Source
  • 6.6% of Americans had incomes exceeding $100,000 in 2010
  • Stephen Harper makes $315,000 a year as prime minister.
  • Barack Obama makes $400,000 as president.

Income By Age

Average Canadian Income Per Person, by Age Group in 2008. Source.Average income usa

American Earnings by Age Group. Source.

Average income usa

Median Full-Time Gross Weekly Earnings in the UK during 2012. Source.Average income usa


The American Economy During the 1920s, The Gilder Lehrman Institute of American History, average income

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The American Economy During the 1920s

18 per 1,000 people

82 per 1,000 people

123 per 1,000 people

163 per 1,000 people

Wage Levels and the Price of a Ford Model T

Average income usa

Average income usa

New York Central

Share of Disposable Income Going to the Richest 5 %

Average income usa

Borrowing to Purchase Stocks as a Percentage of Total Consumer Debt

Questions for Discussion

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Discussion

Average income usa

I like the data presented here, but I am confused as to what the two different columns are for the Cars on the Road section. Could you please clarify why in 1919 there are both 1.9 million and 6.7 million and then in 1929 there are 5.6 million and then 27 million?


Average Monthly Income in Russia USD 291, Average Wage USD 437 (Rosstat Report), EM, average

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Average Monthly Income in Russia USD 291, Average Wage USD 437 (Rosstat Report)

Average annual income

Average annual income

Staff author: Adilia S.

Personal income of Russians shrank by 52.2% in January 2016 as compared to December 2015. According to the report by the state statistics body Rosstat, the monthly income in January averaged only 21365 rubles (about USD $291) though only a month ago it was 45212 rubles ($614).

End of the year bonuses and the long January holidays that limited paydays for contract workers are among the reasons for the sharp drop in the monthly income figures. December numbers are usually 30-35% higher than the average monthly income. January figures traditionally show 30-35% drop as compared with the yearly averages. However, 2016 December-January drop in monthly incomes was sharper than during previous years.

Real vs. Nominal Monthly Income in Russia

Real incomes in Russia decreased by 6.1% over the course of 2015 while the average nominal monthly wage increased by 3.1% to the level of 32122 rubles ($437).

Average annual income

Living standards in Russia: average monthly income, real income. Graphics: GKS.ru (click to enlarge).

Nominal income is the dollar/ruble amount of income. Simply put, it is the amount of money paid out in cash. Real income is the income of a person after taking into consideration the effects of inflation. It shows how much a person can buy on that amount of money. Theoretically, the amount of nominal income should be regularly adjusted according to the inflation level in the country, so that the person’s purchasing power stays on the same level.

Practically, the situation in Russia leaves much to be desired. In 2015 inflation in Russia reached the level of 12-15%. But nominal wages increased only by 3.1%. No wonder that real incomes decreased and keep going down.

Moreover, the research holding Romir adhere to the opinion that the official inflation values are way lower than the actual numbers. Experts believe that the actual inflation values could be up to 3 times higher than those showed by the state statistics.

Average annual income

Real disposable income in Russia, data by the state statistics body. Graphics: GKS.ru (click to enlarge).

Average monthly wages in Russia by industry (2015):

  1. Finance — 69480 rubles ($941)
  2. Mining — 63716 rubles ($863)
  3. Fishing, fish-farming — 46339 rubles ($627)
  4. State Administration and Defence; Social Security — 41786 rubles ($566)
  5. Real Estate — 39698 rubles ($537)
  6. Transport and Communications — 38758 rubles ($525)
  7. Manufacturing — 31839 rubles ($431)
  8. Household, Social and Personal Services — 30067 rubles ($407)
  9. Construction — 29887 rubles ($404)
  10. Healthcare and Social Services — 28035 rubles ($379)
  11. Education — 26888 rubles ($364)
  12. Hotels and Restaurants — 20486 rubles ($277)
  13. Agriculture, farming, hunting, forestry — 19455 rubles ($263)

Fear of Poverty

The amount of unpaid wages to Russians reached USD $58,8 million as of 1 February 2016. It is 21,3% more than the previous month.

Delayed wages are not an unusual thing in Russia, where people receive remuneration monthly, not weekly. Companies explain to the employees that they have no money at the moment and ask them to wait a little longer. Some companies may owe 2-4 month wages to employees. It starts with delaying wages for a week, within a few months it could be a delay for 2-3 months. Instead of getting paid once a month people are getting paid every 5-6 weeks and are being paid their salary from 2-3 months ago. The companies do not pay interest on unpaid wages.

It s not only government employees that suffer from delayed remuneration. 70-80% of players in Russian soccer clubs do not get paid on time, Lenta.ru reported. It s a country-wide epidemics. For the owners of the companies, delaying wages became another tool to maximize profits. Because the problem is so widespread, people don t complain, as in another company the situation is just the same.

The unemployment rate in Russia is 5,8% for the total economically active population (7,58 million people). While the number is not excessively high, there is a sizable proportion of the population that do not register as unemployed due to miniscule benefits.

Russians are becoming increasingly concerned about the economic situation in the country. The research conducted by the Levada Center shows that the majority of people in Russia fear poverty (53%), economic crisis (49%), unemployment (35%). They consider the current economic crisis to be the most important threat to the future of the country.

The situation in 2016 strongly differs from the happy outlook of the fat years as they are called now, when oil prices were over USD $100/barrel. The years of expansion and development that everyone remembers are in a sharp contrast with today s contracting economy of Russia.

Average annual income

Crude oil price chart 1950-2016. 2008 and 2011-2014 were the years when Russia enjoyed oil prices over $100/barrel. Drop in oil prices sent Russia into an economic crisis.

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