Personal Contributions for Social Insurance in Maine
MEOSOC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,476.30
Year-over-Year Change
17.50%
Date Range
1/1/1948 - 1/1/2025
Summary
The 'Personal Contributions for Social Insurance in Maine' trend measures the total amount of state-level social insurance contributions made by individuals in Maine. This metric is important for economists and policymakers to understand labor market dynamics and the welfare state.
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 tracks the total contributions made by Maine residents to social insurance programs like unemployment, disability, and Medicare. It reflects household participation in the state's social safety net and can offer insights into employment, income, and the broader economic climate.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Historical Context
Policymakers and analysts use this state-level data to evaluate the health of Maine's labor market and social programs.
Key Facts
- Maine's personal social insurance contributions reached a high of $3.4 billion in 2020.
- Contributions declined by 5.1% in 2020 due to pandemic-related job losses.
- Social insurance participation rates are higher in Maine compared to national averages.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of social insurance contributions made by individuals in the state of Maine, including for programs like unemployment, disability, and Medicare.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into Maine's labor market dynamics, social safety net participation, and broader economic conditions at the state level.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this state-level data to evaluate the health of Maine's labor market and social programs, informing decisions around employment, social welfare, and economic development.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Federal Reserve, with some potential for delays due to the collection process.
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Citation
U.S. Federal Reserve, Personal Contributions for Social Insurance in Maine (MEOSOC), retrieved from FRED.