Proprietors' Nonfarm Income in Illinois
ILONON • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
61,447.90
Year-over-Year Change
18.78%
Date Range
1/1/1948 - 1/1/2025
Summary
The Proprietors' Nonfarm Income in Illinois metric measures the income of non-farm business owners and self-employed individuals in the state. It provides insights into entrepreneurial activity and the health of the broader economy.
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
This series represents the total income earned by proprietors (business owners and self-employed individuals) from non-farm business activities in the state of Illinois. It is a key indicator of entrepreneurial dynamism and can signal broader economic trends.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level personal income statistics.
Historical Context
Policymakers and analysts use this metric to gauge the business climate and entrepreneurial vitality in Illinois.
Key Facts
- Illinois is the 6th largest state economy in the U.S.
- Proprietors account for over 20% of non-farm employment in Illinois.
- Proprietors' income grew by 3.2% in Illinois in 2021.
FAQs
Q: What does this economic trend measure?
A: The Proprietors' Nonfarm Income in Illinois metric measures the total income earned by business owners and self-employed individuals from non-farm business activities in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the entrepreneurial health and business climate of the Illinois economy, which is crucial information for policymakers, investors, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level personal income statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to gauge the business climate and entrepreneurial vitality in Illinois, which can inform decisions on economic development, taxation, and other policy initiatives.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Proprietors' Nonfarm Income in Illinois (ILONON), retrieved from FRED.