Consumer Unit Characteristics: Age of Reference Person by Region: Residence in the Northeast Census Region
CXU980020LB1102M • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
53.00
Year-over-Year Change
3.92%
Date Range
1/1/1984 - 1/1/2023
Summary
This economic trend measures the age distribution of reference persons in consumer units residing in the Northeast Census Region of the United States. Understanding regional demographic trends is crucial for policymakers and economists analyzing household consumption patterns.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The 'Age of Reference Person by Region: Residence in the Northeast Census Region' data series tracks the average age of the reference person, typically the oldest member, in consumer units located in the Northeastern states. This metric provides insights into the demographic composition of households in that geographic area.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Consumer Expenditure Survey.
Historical Context
This trend is used by economists and policymakers to study regional variations in household characteristics and their implications for consumer spending and economic policy.
Key Facts
- The Northeast Census Region includes Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont.
- In 2022, the average age of reference persons in consumer units in the Northeast was 51.7 years.
- Household age composition can influence regional patterns of consumption, savings, and investment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average age of the reference person, typically the oldest member, in consumer units located in the Northeastern states of the United States.
Q: Why is this trend relevant for users or analysts?
A: Understanding the age distribution of households in the Northeast is crucial for economists and policymakers analyzing regional patterns of consumer spending, savings, and investment.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Consumer Expenditure Survey.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to study regional demographic shifts and their implications for consumer demand, taxation, and the design of economic policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of approximately two months.
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Citation
U.S. Federal Reserve, Consumer Unit Characteristics: Age of Reference Person by Region: Residence in the Northeast Census Region (CXU980020LB1102M), retrieved from FRED.