Household income growth slowed in the second quarter, according to new data from the Organization for Economic Cooperation and Development (OECD).
Real household income per capita rose by 0.5% in the second quarter, down sharply from 1.4% in the first quarter.
The OECD also reported that, while household income rose in 11 of 21 countries, it declined in 10 countries.
Among G7 economies, Canada recorded the largest increase in real household income per capita, as the metrics rose 1.2% in the quarter, partially reversing a decline in the first quarter.
The U.K. ranked second, with household income climbing 0.9% in the quarter. The U.S. saw growth slow sharply from 2.3% in the first quarter to 0.5% in the second quarter.
The OECD also noted that household income growth outpaced GDP growth in the second quarter, and that both metrics have been rising since the second quarter of 2022.
“While the two indicators diverged during the Covid-19 pandemic, with real GDP per capita climbing from its Q2 2020 trough and real household income per capita falling from Q1 2021, they are now evolving in tandem,” it said.