Real Median Family Income in Midwest Census Region
This dataset tracks real median family income in midwest census region over time.
Latest Value
103800.00
Year-over-Year Change
27.82%
Date Range
1/1/1953 - 1/1/2023
Summary
This economic trend measures the real median family income in the Midwest census region of the United States. It is an important indicator of the financial well-being and purchasing power of Midwest families.
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 Median Family Income in Midwest Census Region tracks the inflation-adjusted median income for family households in the Midwest region over time. It provides insight into the typical living standards and economic conditions experienced by middle-class families in this part of the country.
Methodology
The data is collected through the U.S. Census Bureau's annual Current Population Survey.
Historical Context
This metric is closely monitored by policymakers, economists, and market analysts to assess the region's economic performance and consumer spending trends.
Key Facts
- The Midwest region includes 12 states, such as Illinois, Ohio, and Michigan.
- Median family income is the midpoint where half of families earn more and half earn less.
- Real income is adjusted for inflation to show purchasing power over time.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) median family income in the Midwest census region of the United States.
Q: Why is this trend relevant for users or analysts?
A: The real median family income in the Midwest is an important indicator of the financial well-being and purchasing power of middle-class families in this region, providing insights into living standards and economic conditions.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Census Bureau's annual Current Population Survey.
Q: How is this trend used in economic policy?
A: This metric is closely monitored by policymakers, economists, and market analysts to assess the Midwest region's economic performance and consumer spending trends.
Q: Are there update delays or limitations?
A: The data is published annually with some delay, and may not capture rapid or short-term changes in family incomes.
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Citation
U.S. Federal Reserve, Real Median Family Income in Midwest Census Region (MEFAINUSMWA672N), retrieved from FRED.