Household income growth accelerated in the first quarter of 2024, according to new data from the Organization for Economic Cooperation and Development (OECD).
Across the OECD, per capita real household income was up by 0.9% in the first quarter, an increase from a 0.3% rise in the previous quarter, the Paris-based group reported.
Household income growth outpaced GDP growth, which was up 0.3% on a per capita basis in the first quarter.
All G7 economies saw household incomes rise in the first quarter, led by Italy, where incomes were up 3.4% due to higher employee compensation and social transfers, the OECD noted.
In Canada, real household income per capita was up 0.6% in the first quarter, reversing a 0.5% decline in the previous quarter, the OECD said.
It noted that Canada’s household income growth was registered in the face of the fourth consecutive quarterly decline in real GDP per capita.
The U.K. and U.S. saw household incomes rise more modestly in the first quarter, up 0.3% and 0.2%, respectively.
Outside the G7, most other OECD countries also saw per capita household incomes rise in the first quarter, the OECD said.
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