Mean Adjusted Gross Income for Michigan
This dataset tracks mean adjusted gross income for michigan over time.
Latest Value
83000.00
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.
Related News
U.S. Stocks Hit Records; Gold Surges, Bitcoin Declines
U.S. Stock Market Soars Amid Treasury Yield Concerns Despite ongoing global uncertainties, the U.S. stock market has defied expectations, setting unprecedented records this year. The surge of the stock indices reflects the market's buoyancy despite economic fluctuations. Major indicators like the Dow Jones, S&P 500, and Nasdaq have all reached new highs, signifying the resilience of equities in the current financial landscape. Meanwhile, gold prices have surged, reinforcing its status as a safe
US 10-year Treasury yield rise signals caution for investors
How the 10-Year Treasury Yield Surge Impacts Investors and the Fixed-Income Market The 10-year Treasury yield has surged past the 4% mark, capturing the attention of investors and markets alike. This rise is not just a random development; it signals broader shifts in the economic landscape, influencing everything from bond markets to investor strategies. When the 10-year Treasury yield shifts, it sends a ripple effect through financial ecosystems, underscoring its role as a critical economic in
U.S. mortgage rates decline aligns with housing price cuts
U.S. Real Estate: Mortgage Rates Plummet Mortgage rates in the U.S. have experienced a notable drop, marking some of the most significant cuts in recent years. This shift comes at a time when the housing market is adjusting with substantial price reductions, offering potential homebuyers opportunities. The interconnectedness of mortgage rates with the broader economic trends cannot be understated. Lower interest rates often mean cheaper loans, potentially sparking more activity in the real esta
U.S. Stock Futures Stagnant Despite Positive Jobless Claims and GDP
Why US Stock Futures Remain Stagnant Despite Positive Economic Indicators The current investment landscape is puzzling for many as US stock futures struggle to show a definite trend despite favorable economic signals. These signals, such as jobless claims and Q2 GDP figures, suggest a healthy economy. Given the roles of the stock market and the Federal Reserve's decisions on rate hikes, it is surprising to witness this stagnation. Inflation trends and the Fed's signals about future policies pla
U.S. Home Sales Decline In August Due To High Prices
August 2023 U.S. Home Sales Decline Amid Rising Mortgage Rates and High Prices In August 2023, U.S. home sales experienced a notable decline, highlighting a distressing trend in the housing market. Homeownership is more costly these days. High home prices and soaring 30 year mortgage rates, combined with limited housing inventory, pose significant challenges for potential buyers and cast a shadow on economic recovery efforts. Many potential homebuyers find themselves increasingly priced out of
U.S. jobless claims decline to lowest level since mid-July
U.S. Jobless Claims Drop: A Positive Sign for Economic Growth The U.S. economy is signaling a positive turn as the initial jobless claims have dropped to their lowest level since mid-July, suggesting a more resilient labor market. This decline in jobless claims is not just a number; it reflects crucial dynamics in the U.S. economy and employment landscape. As people file fewer claims for unemployment benefits, it suggests a strengthening employment market and a recovering economy. Also, the cur
Related Trends
Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
CPIAUCNS
Capacity Utilization: Total Index
TCU
Commercial and Industrial Loans, All Commercial Banks
TOTCI
Share of Foreign Born in Home Owners Loan Corporation (HOLC) Neighborhood A
RLMSHFBHOLCNA
Home Ownership Rate in Home Owners Loan Corporation (HOLC) Neighborhood C
RLMSHHORHOLCNC
Share of Foreign Born in Home Owners Loan Corporation (HOLC) Neighborhood C
RLMSHFBHOLCNC
Citation
U.S. Internal Revenue Service, Mean Adjusted Gross Income for Michigan (MEANAGIMI26A052NCEN), retrieved from FRED.