Consumer Unit Characteristics: Adults 65 and Older by Region: Residence in the Midwest Census Region
CXU980060LB1103M • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.40
Year-over-Year Change
33.33%
Date Range
1/1/1984 - 1/1/2022
Summary
This economic trend measures the characteristics of consumer units (households) where the reference person is 65 years of age or older and residing in the Midwest census region of the United States. It provides insights into the spending patterns and living situations of older adults in this geographic area.
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 Consumer Unit Characteristics data from the U.S. Bureau of Labor Statistics tracks various demographic and economic factors for different household types. The 'Adults 65 and Older by Region: Residence in the Midwest' series focuses specifically on older consumers in the Midwest, offering valuable information for policymakers, businesses, and researchers studying aging populations and regional economic trends.
Methodology
The data is collected through the Consumer Expenditure Survey, a national household survey conducted by the U.S. Census Bureau on behalf of the Bureau of Labor Statistics.
Historical Context
This trend is commonly used to inform economic policies and business strategies targeting older consumers in the Midwest region.
Key Facts
- The Midwest region accounts for 21.6% of the U.S. population aged 65 and older.
- In 2021, the average annual expenditure for consumer units with a reference person aged 65+ in the Midwest was $57,442.
- The homeownership rate among older adults in the Midwest is 81.1%.
FAQs
Q: What does this economic trend measure?
A: This trend measures the characteristics of consumer units (households) where the reference person is 65 years of age or older and residing in the Midwest census region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the spending patterns, living situations, and demographic characteristics of older consumers in the Midwest region, which is relevant for policymakers, businesses, and researchers studying aging populations and regional economic trends.
Q: How is this data collected or calculated?
A: The data is collected through the Consumer Expenditure Survey, a national household survey conducted by the U.S. Census Bureau on behalf of the Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is commonly used to inform economic policies and business strategies targeting older consumers in the Midwest region, such as housing, healthcare, and consumer spending initiatives.
Q: Are there update delays or limitations?
A: The Consumer Expenditure Survey data is published on a quarterly and annual basis, so there may be a delay in the most recent data availability. Additionally, the sample size for specific regional breakdowns may be limited, leading to higher margin of error for some metrics.
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Citation
U.S. Bureau of Labor Statistics, Consumer Unit Characteristics: Adults 65 and Older by Region: Residence in the Midwest Census Region (CXU980060LB1103M), retrieved from FRED.