90% Confidence Interval Lower Bound of Estimate of Median Household Income for Minnesota
MHICILBMN27000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
84,312.00
Year-over-Year Change
49.31%
Date Range
1/1/1989 - 1/1/2023
Summary
This economic trend measures the lower bound of the 90% confidence interval for the estimate of median household income in Minnesota. It provides insight into the distribution and uncertainty around this key economic indicator.
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 Minnesota represents the lower value of the range in which we can be 90% confident the true median household income falls. This metric is used by economists and policymakers to understand income trends and inequality within the state.
Methodology
The data is collected through the U.S. Census Bureau's American Community Survey.
Historical Context
This trend is relevant for assessing the economic well-being and income distribution in Minnesota compared to national benchmarks.
Key Facts
- The 90% confidence interval provides a range for the true median household income.
- The lower bound indicates the minimum value in which we can be 90% confident the median falls.
- This metric is used to assess income inequality and economic conditions within Minnesota.
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 Minnesota. It provides insight into the uncertainty around this key economic indicator.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for economists and policymakers to understand income trends and inequality within Minnesota compared to national benchmarks.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Census Bureau's American Community Survey.
Q: How is this trend used in economic policy?
A: This trend is used to assess the economic well-being and income distribution in Minnesota, which can inform policy decisions at the state and local level.
Q: Are there update delays or limitations?
A: The data is subject to the update schedule and limitations of the American Community Survey.
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Citation
U.S. Census Bureau, 90% Confidence Interval Lower Bound of Estimate of Median Household Income for Minnesota (MHICILBMN27000A052NCEN), retrieved from FRED.