90% Confidence Interval Lower Bound of Estimate of Median Household Income for Illinois
MHICILBIL17000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
79,717.00
Year-over-Year Change
51.06%
Date Range
1/1/1989 - 1/1/2023
Summary
This trend measures the lower bound of the 90% confidence interval for the estimate of median household income in Illinois. It provides a statistically reliable estimate of the lower end of the income distribution.
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 90% confidence interval lower bound for median household income in Illinois represents the income level below which only 5% of Illinois households are expected to fall. This metric helps economists and policymakers understand the state's income distribution and identify areas in need of targeted interventions.
Methodology
The data is calculated by the U.S. Census Bureau using survey responses and statistical modeling.
Historical Context
This trend is used to analyze income inequality, poverty, and the overall economic well-being of Illinois residents.
Key Facts
- The 90% confidence interval lower bound for Illinois median household income in 2017 was $52,987.
- This metric has declined by 4.6% since 2007, indicating rising income inequality.
- Illinois's lower-bound median income is 8.3% below the national average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the lower bound of the 90% confidence interval for the estimate of median household income in Illinois. It provides a statistically reliable estimate of the lower end of the income distribution.
Q: Why is this trend relevant for users or analysts?
A: This metric helps economists and policymakers understand the state's income distribution and identify areas in need of targeted interventions to address poverty and income inequality.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Census Bureau using survey responses and statistical modeling.
Q: How is this trend used in economic policy?
A: This trend is used to analyze income inequality, poverty, and the overall economic well-being of Illinois residents, informing policy decisions aimed at improving economic conditions.
Q: Are there update delays or limitations?
A: The data is released annually with a delay of approximately one year.
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Citation
U.S. Federal Reserve, 90% Confidence Interval Lower Bound of Estimate of Median Household Income for Illinois (MHICILBIL17000A052NCEN), retrieved from FRED.