Real Mean Family Income in West Census Region
This dataset tracks real mean family income in west census region over time.
Latest Value
144200.00
Year-over-Year Change
30.85%
Date Range
1/1/1967 - 1/1/2023
Summary
The Real Mean Family Income in West Census Region measures the average inflation-adjusted income of families living in the western United States. This key economic indicator provides insights into household financial well-being and consumer spending patterns.
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 tracks the mean inflation-adjusted income of family households in the West Census Region, which includes Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming. The data is used by economists and policymakers to assess regional economic conditions and trends.
Methodology
The data is collected through the U.S. Census Bureau's Current Population Survey and adjusted for inflation using the Personal Consumption Expenditures Price Index.
Historical Context
This metric is closely watched for its implications on consumer demand, housing markets, and fiscal policymaking in the western United States.
Key Facts
- The West Census Region includes 13 states.
- Real mean family income in the West reached a record high of $110,354 in 2020.
- Incomes in the West tend to be higher than the national average.
FAQs
Q: What does this economic trend measure?
A: The Real Mean Family Income in West Census Region measures the average inflation-adjusted income of family households located in the western United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the financial well-being and spending power of households in the western U.S., which is crucial for understanding regional economic conditions and consumer demand patterns.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Census Bureau's Current Population Survey and adjusted for inflation using the Personal Consumption Expenditures Price Index.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this metric to assess regional economic conditions and make informed decisions about fiscal and monetary policies that could impact consumer spending and household finances in the western United States.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Mean Family Income in West Census Region (MAFAINUSWEA672N), retrieved from FRED.