Proprietors' Farm Income in Illinois
ILOFAR • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
513.50
Year-over-Year Change
-92.66%
Date Range
1/1/1948 - 1/1/2025
Summary
This trend measures the farm income of proprietors in the state of Illinois. It provides insights into the economic health and productivity of the agricultural sector in the state.
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
Proprietors' farm income refers to the net income of sole proprietorships and partnerships engaged in farming activities in Illinois. This metric is used by economists and policymakers to analyze the financial well-being of the state's agricultural industry and its contribution to the overall economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on reports from farm operators and other agricultural businesses.
Historical Context
Changes in proprietors' farm income can inform decisions related to agricultural policy, commodity prices, and rural economic development programs.
Key Facts
- Illinois is a major agricultural state, ranking among the top producers of corn, soybeans, and other crops.
- Proprietors' farm income accounts for a significant portion of the state's overall economic output.
- Fluctuations in this metric can impact the financial well-being of farmers, rural communities, and the broader Illinois economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the net income of sole proprietorships and partnerships engaged in farming activities in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the financial health and productivity of the agricultural sector in Illinois, which is a critical component of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on reports from farm operators and other agricultural businesses.
Q: How is this trend used in economic policy?
A: Changes in proprietors' farm income can inform decisions related to agricultural policy, commodity prices, and rural economic development programs.
Q: Are there update delays or limitations?
A: The data is published periodically by the U.S. Bureau of Economic Analysis, and there may be some time lag between the reporting period and the data release.
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Citation
U.S. Federal Reserve, Proprietors' Farm Income in Illinois (ILOFAR), retrieved from FRED.