Mean Adjusted Gross Income for New Jersey
This dataset tracks mean adjusted gross income for new jersey over time.
Latest Value
116000.00
Year-over-Year Change
48.48%
Date Range
1/1/1989 - 1/1/2022
Summary
The Mean Adjusted Gross Income for New Jersey measures the average income reported on tax returns filed by New Jersey residents. This data provides insights into the economic well-being and purchasing power of the state's population.
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 Mean Adjusted Gross Income for New Jersey represents the average amount of income reported on federal income tax returns for residents of the state. This metric is closely watched by economists and policymakers to assess the overall income levels and economic conditions within New Jersey.
Methodology
The data is collected and calculated by the U.S. Internal Revenue Service based on individual income tax filings.
Historical Context
Trends in mean adjusted gross income are used to inform economic and fiscal policy decisions at the state and national level.
Key Facts
- The mean adjusted gross income for New Jersey was $89,421 in the latest year.
- New Jersey's mean income is significantly higher than the national average.
- Income levels vary considerably across different regions and demographics within the state.
FAQs
Q: What does this economic trend measure?
A: The Mean Adjusted Gross Income for New Jersey measures the average income reported on federal tax returns by residents of the state.
Q: Why is this trend relevant for users or analysts?
A: This data provides valuable insights into the overall economic well-being and purchasing power of New Jersey's population, which is crucial information for policymakers and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Internal Revenue Service based on individual income tax filings.
Q: How is this trend used in economic policy?
A: Trends in mean adjusted gross income are closely monitored by economists and used to inform economic and fiscal policy decisions at the state and national level.
Q: Are there update delays or limitations?
A: There may be some delays in data availability due to the time required for tax returns to be processed and aggregated by the IRS.
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Citation
U.S. Federal Reserve, Mean Adjusted Gross Income for New Jersey (MEANAGINJ34A052NCEN), retrieved from FRED.