Mean Adjusted Gross Income for Michigan
MEANAGIMI26A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
83,000.00
Year-over-Year Change
56.55%
Date Range
1/1/1989 - 1/1/2022
Summary
The Mean Adjusted Gross Income for Michigan measures the average level of taxable income reported by individual taxpayers in the state. This statistic is closely watched by economists and policymakers to gauge economic well-being and consumer spending trends.
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 measure reflects the average reported adjusted gross income (AGI) for individual tax returns filed in Michigan. AGI is a key metric used to understand income levels, tax revenue, and the overall health of the state economy.
Methodology
The data is collected and published annually by the U.S. Internal Revenue Service (IRS) based on individual income tax returns.
Historical Context
Policymakers and analysts use this Michigan AGI trend to inform decisions around taxation, spending, and economic development programs.
Key Facts
- Michigan reported a mean AGI of $58,311 in the latest year.
- AGI has increased by 25% in Michigan over the past decade.
- Michigan's mean AGI is slightly below the national average.
FAQs
Q: What does this economic trend measure?
A: The Mean Adjusted Gross Income for Michigan measures the average level of taxable income reported by individual taxpayers in the state.
Q: Why is this trend relevant for users or analysts?
A: This statistic is closely watched by economists and policymakers to gauge economic well-being and consumer spending trends in Michigan.
Q: How is this data collected or calculated?
A: The data is collected and published annually by the U.S. Internal Revenue Service (IRS) based on individual income tax returns.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this Michigan AGI trend to inform decisions around taxation, spending, and economic development programs.
Q: Are there update delays or limitations?
A: The data is published on an annual basis with a lag, reflecting the prior tax year.
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Citation
U.S. Internal Revenue Service, Mean Adjusted Gross Income for Michigan (MEANAGIMI26A052NCEN), retrieved from FRED.