90% Confidence Interval Lower Bound of Estimate of Median Household Income for Maryland
MHICILBMD24000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
97,322.00
Year-over-Year Change
40.41%
Date Range
1/1/1989 - 1/1/2023
Summary
This economic trend represents the lower bound of the 90% confidence interval for the estimate of median household income in Maryland. It provides insight into the distribution and variability of household incomes in the 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
The 90% confidence interval lower bound of the median household income estimate for Maryland is a statistical measure that helps quantify the uncertainty around the true median income value. It indicates the lowest plausible value for the median income, with 90% confidence.
Methodology
This data is collected through the U.S. Census Bureau's annual American Community Survey.
Historical Context
Policymakers and economists use this metric to assess the economic well-being and income distribution within Maryland.
Key Facts
- The 90% confidence interval represents a range in which the true median income has a 90% probability of falling.
- This metric provides a lower bound estimate to complement the reported median household income.
- Understanding income distribution is crucial for policymakers addressing economic inequality and poverty.
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 Maryland. It represents the lowest plausible value for the true median income, with 90% confidence.
Q: Why is this trend relevant for users or analysts?
A: This metric is relevant for understanding the distribution and variability of household incomes in Maryland, which is crucial information for policymakers and economists analyzing economic well-being and inequality.
Q: How is this data collected or calculated?
A: This data is collected through the U.S. Census Bureau's annual American Community Survey.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the economic well-being and income distribution within Maryland, which informs policy decisions related to addressing inequality and supporting low-income households.
Q: Are there update delays or limitations?
A: This data is subject to the same update delays and limitations as the broader American Community Survey, which is conducted annually.
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Citation
U.S. Census Bureau, 90% Confidence Interval Lower Bound of Estimate of Median Household Income for Maryland (MHICILBMD24000A052NCEN), retrieved from FRED.