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To meet the considerable user demand for more timely data on household incomes, we have developed this set of Experimental Statistics, produced using so-called “nowcasting” techniques.
Nowcasting is an increasingly popular approach for providing initial estimates of household income indicators.
The OOH component was factored into the CPI (and modelled CPI prior to 1996) using the average OOH weight. Disposable income is the amount of money that households have available for spending and saving after direct taxes (such as Income Tax and Council Tax) have been accounted for.
It includes earnings from employment, private pensions and investments, as well as cash benefits provided by the state.
The methodology used in this bulletin has undergone significant testing and benefited from having a range of external experts to ensure it is as robust as possible.
As Experimental Statistics, the content of this bulletin and the methodology behind it will continue to be evaluated to ensure that user needs are met.
The median household income is the income of what would be the middle household, if all households in the UK were sorted in a list from poorest to richest.
As it represents the middle of the income distribution, the median household income provides a good indication of the standard of living of the “typical” household in terms of income.
After taking account of inflation and changes in household composition over time, this figure is £1,500 (5.7%) higher than its pre-economic downturn level of £25,700 in FYE 2008.
Median household income declined after the start of the economic downturn and by FYE 2013, median income was 4.5% (£1,200) lower in real terms than in FYE 2010.
The nowcasting household income publication requires a deflator that dates back to 1977.
The CPIH, excluding Council Tax, is currently available from January 2005.
Unlike forecasting, which relies heavily on projections and assumptions about the future economic situation, nowcasting makes use of data that are already available for the period of study.