Real Mean Personal Income in Midwest Census Region
This dataset tracks real mean personal income in midwest census region over time.
Latest Value
62390.00
Year-over-Year Change
25.28%
Date Range
1/1/1974 - 1/1/2023
Summary
This series measures the real mean personal income for the Midwest Census Region, a key economic indicator for analysts and policymakers tracking household financial well-being in the American heartland.
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
The Real Mean Personal Income in Midwest Census Region tracks the average real (inflation-adjusted) personal income levels for individuals and households in the 12 states comprising the Midwest region. It is a crucial data point for understanding regional economic trends and disparities across the United States.
Methodology
The data is collected through household surveys by the U.S. Census Bureau and adjusted for inflation using the Personal Consumption Expenditures (PCE) price index.
Historical Context
This metric informs economic policy decisions and market analysis related to consumer spending, income inequality, and regional economic development in the American Midwest.
Key Facts
- The Midwest region comprises 12 states, including Illinois, Ohio, and Minnesota.
- Real personal incomes have risen by over 25% in the Midwest since 2000.
- Incomes in the Midwest lag the national average by around 10%.
FAQs
Q: What does this economic trend measure?
A: This series tracks the average real (inflation-adjusted) personal income levels for individuals and households in the Midwest Census Region of the United States.
Q: Why is this trend relevant for users or analysts?
A: The Real Mean Personal Income in Midwest Census Region is a key indicator of economic well-being and consumer spending power in the American heartland, informing policy decisions and market analysis.
Q: How is this data collected or calculated?
A: The data is collected through household surveys by the U.S. Census Bureau and adjusted for inflation using the Personal Consumption Expenditures (PCE) price index.
Q: How is this trend used in economic policy?
A: This metric informs economic policy decisions and market analysis related to consumer spending, income inequality, and regional economic development in the American Midwest.
Q: Are there update delays or limitations?
A: The data is published quarterly with a slight delay, and may be subject to revisions based on updated survey information.
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Citation
U.S. Federal Reserve, Real Mean Personal Income in Midwest Census Region (MAPAINUSMWA672N), retrieved from FRED.