Household incomes continued to rise in the third quarter of 2021, according to the Organization for Economic Cooperation and Development (OECD), and now top pre-pandemic levels by 4%.
The OECD reported that incomes edged up by 0.2% in the third quarter as a 1% decline in the U.S. was more than offset by rising incomes in most other countries.
With the latest increase, per capita household income across the OECD is now up by 4% from pre-pandemic levels.
Canada is leading the G7 economies, with income up 7.9% from before the pandemic struck in the first quarter of 2020, the OECD said.
Despite income declines in the second and third quarters as temporary pandemic-related transfers dropped, the U.S. ranks second in the G7, with incomes up 5.6% from pre-pandemic levels.
In Q3, Germany and Italy led the G7 in quarterly income increases, up 1.1% and 1%, respectively.
Outside the G7, Austria ranked first with incomes jumping 8.6%, followed by Greece at 5% and Australia at 4.4%.