Real Median Personal Income in West Census Region
This dataset tracks real median personal income in west census region over time.
Latest Value
42930.00
Year-over-Year Change
22.83%
Date Range
1/1/1974 - 1/1/2023
Summary
The Real Median Personal Income in West Census Region tracks inflation-adjusted income levels for individuals in the Western United States. This metric provides insight into the economic well-being and purchasing power of households in the region.
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 Personal Income in West Census Region is a key economic indicator that measures the midpoint of personal income for individuals living in the West Census Region, after adjusting for inflation. It serves as a barometer of the typical consumer's financial standing and can inform policymakers and analysts about regional economic trends.
Methodology
This data is collected through the U.S. Census Bureau's household surveys and adjusted for inflation using the Consumer Price Index.
Historical Context
Policymakers and market analysts closely monitor this metric to understand regional variations in household purchasing power and guide economic and social policies.
Key Facts
- The West Census Region includes 13 states, from Montana to California.
- Real median personal income in the West was $59,646 in 2021.
- Incomes in the West tend to be higher than the national median.
FAQs
Q: What does this economic trend measure?
A: The Real Median Personal Income in West Census Region measures the midpoint of personal income for individuals living in the 13 states that make up the Western U.S. region, after adjusting for inflation.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the typical consumer's purchasing power and financial well-being in the West, which can inform policymaking and market analysis for the region.
Q: How is this data collected or calculated?
A: The data is collected through household surveys by the U.S. Census Bureau and adjusted for inflation using the Consumer Price Index.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this regional income metric to understand variations in household financial conditions and guide economic and social policies accordingly.
Q: Are there update delays or limitations?
A: The data is released annually with a lag, and may not fully capture short-term fluctuations in regional incomes.
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Citation
U.S. Federal Reserve, Real Median Personal Income in West Census Region (MEPAINUSWEA672N), retrieved from FRED.