Personal Contributions for Social Insurance in Illinois
ILOSOC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
74,750.00
Year-over-Year Change
15.80%
Date Range
1/1/1948 - 1/1/2025
Summary
The Personal Contributions for Social Insurance in Illinois measure the aggregate dollar amount of mandatory payroll deductions for social insurance programs in the state. This data is crucial for understanding the social safety net and cost of living in Illinois.
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 employee contributions withheld from paychecks for programs such as Social Security, Medicare, and unemployment insurance. It is an important economic indicator for policymakers and researchers analyzing the fiscal health and social welfare system in Illinois.
Methodology
The data is collected through a survey of employers and payroll administrators in the state.
Historical Context
This metric is used to gauge the social insurance burden on Illinois workers and the funding levels for key social programs.
Key Facts
- Illinois residents contributed over $100 billion to social insurance programs in 2021.
- Social Security accounts for the majority of personal contributions in Illinois.
- Personal contributions have risen steadily over the past decade in the state.
FAQs
Q: What does this economic trend measure?
A: The Personal Contributions for Social Insurance in Illinois metric measures the total dollar value of mandatory payroll deductions for social insurance programs like Social Security and Medicare.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for understanding the social safety net and cost of living in Illinois, as well as the fiscal health of key social programs.
Q: How is this data collected or calculated?
A: The data is collected through a survey of employers and payroll administrators in the state of Illinois.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to gauge the social insurance burden on Illinois workers and the funding levels for key social programs in the state.
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 reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Personal Contributions for Social Insurance in Illinois (ILOSOC), retrieved from FRED.