The article below is first published on Kenneth Jeyaretnam's blog on February 17, 2011.
by Kenneth Jeyaretnam
Today the Department of Statistics issued a press release* stating that the median monthly income from work among resident households had increased by 3.1% in 2010. They state the real increase as being 0.3%. Similarly median monthly income from work for employed households was reported as having risen by 5.7% in nominal terms and by 2.8% in real terms.
I would like to point out that the Consumer Price Index (CPI) was 4.6% higher in December 2010 compared with December 2009 and that if this figure is used median monthly real income for all resident households actually FELL by 1.5% instead of rising as claimed. Also median income for employed households only rose some 1% in real terms instead of 2.8% as claimed.
To read on, click here.