Canada leading pandemic income gains among G7

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%.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.