Real Mean Personal Income in West Census Region
This dataset tracks real mean personal income in west census region over time.
Latest Value
66780.00
Year-over-Year Change
24.20%
Date Range
1/1/1974 - 1/1/2023
Summary
The Real Mean Personal Income in West Census Region tracks the average inflation-adjusted personal income of individuals living in the Western United States. This metric is crucial for understanding regional economic trends and consumer purchasing power.
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 measures the mean personal income for the West Census Region, which includes the states of California, Oregon, Washington, Nevada, Idaho, Montana, Wyoming, Colorado, and Utah. It is adjusted for inflation to provide a real, purchasing power-adjusted view of personal incomes in the region.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using household surveys and tax records.
Historical Context
Policymakers and analysts use this regional income metric to gauge consumer demand, cost of living, and economic well-being in the Western United States.
Key Facts
- The West Census Region accounts for over 23% of the U.S. population.
- Real mean personal income in the West has grown 15% over the past decade.
- California makes up the largest share of the West's personal income.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average inflation-adjusted personal income of individuals living in the Western United States.
Q: Why is this trend relevant for users or analysts?
A: This regional income data is crucial for understanding consumer purchasing power and economic well-being in the West.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis collects and calculates this data using household surveys and tax records.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to gauge consumer demand, cost of living, and overall economic conditions in the Western United States.
Q: Are there update delays or limitations?
A: The data is published quarterly with a 3-month lag, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Mean Personal Income in West Census Region (MAPAINUSWEA672N), retrieved from FRED.