Real Personal Income for Illinois
ILRPI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
761,677.40
Year-over-Year Change
26.70%
Date Range
1/1/2008 - 1/1/2023
Summary
The Real Personal Income for Illinois trend measures the purchasing power of personal income for residents of Illinois, adjusting for inflation. This metric is important for economists and policymakers to assess consumer spending and economic conditions 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
Real Personal Income for Illinois represents the total personal income of Illinois residents, adjusted for changes in the cost of living. It is a key indicator of the state's economic well-being and can inform decisions around fiscal and monetary policy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is used by policymakers, analysts, and businesses to understand consumer behavior and make informed decisions about the Illinois economy.
Key Facts
- Real personal income in Illinois reached a record high in 2021.
- Illinois ranked 12th among U.S. states for real personal income growth in 2020.
- The real personal income trend is adjusted for inflation using the U.S. personal consumption expenditures price index.
FAQs
Q: What does this economic trend measure?
A: The Real Personal Income for Illinois trend measures the total personal income of Illinois residents, adjusted for changes in the cost of living.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the purchasing power and economic well-being of Illinois consumers, which informs decisions around fiscal and monetary policy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers, analysts, and businesses use this trend to understand consumer behavior and make informed decisions about the Illinois economy.
Q: Are there update delays or limitations?
A: The Real Personal Income for Illinois data is published regularly by the U.S. Bureau of Economic Analysis, with some potential for minor delays in availability.
Related Trends
Real Gross Domestic Product: Private Services-Providing Industries in Illinois
ILPRISERVPRORGSP
Per Capita Personal Consumption Expenditures: Services: Food Services and Accommodations for Illinois
ILPCEPCFDSRVACCMD
Wholesale Trade Wages and Salaries in Illinois
ILWWHO
Value of Exports to Republic of Korea from Illinois
ILKORA052SCEN
Real Gross Domestic Product: Petroleum and Coal Products Manufacturing (324) in Illinois
ILPETCOALMANRGSP
Average Weekly Hours of Production Employees: Durable Goods: Fabricated Metal Product Manufacturing in Illinois
SMU17000003133200007A
Citation
U.S. Federal Reserve, Real Personal Income for Illinois (ILRPI), retrieved from FRED.