90% Confidence Interval Lower Bound of Estimate of Median Household Income for Montana
MHICILBMT30000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
69,537.00
Year-over-Year Change
61.56%
Date Range
1/1/1989 - 1/1/2023
Summary
This economic indicator provides the lower bound of the 90% confidence interval for the estimated median household income in Montana. It offers insights into the state's income distribution and standard of living.
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 Estimate of Median Household Income for Montana represents the lower end of the range within which the true median household income in the state is expected to fall with 90% confidence. This metric is used by economists and policymakers to analyze income inequality and gauge the economic well-being of Montana residents.
Methodology
The data is collected and calculated by the U.S. Census Bureau as part of the annual American Community Survey.
Historical Context
Policymakers and market analysts use this trend to inform decisions related to social welfare programs, tax policies, and economic development initiatives in Montana.
Key Facts
- The lower bound of the 90% confidence interval for Montana's median household income was $56,251 in 2020.
- Median household income in Montana has increased by 17% over the past decade.
- The state's income inequality, as measured by the Gini coefficient, is lower than the national average.
FAQs
Q: What does this economic trend measure?
A: This indicator provides the lower bound of the 90% confidence interval for the estimated median household income in Montana. It offers insights into the state's income distribution and standard of living.
Q: Why is this trend relevant for users or analysts?
A: Economists and policymakers use this metric to analyze income inequality and gauge the economic well-being of Montana residents, which informs decisions related to social welfare programs, tax policies, and economic development initiatives.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Census Bureau as part of the annual American Community Survey.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this trend to inform decisions related to social welfare programs, tax policies, and economic development initiatives in Montana.
Q: Are there update delays or limitations?
A: The data is updated annually as part of the American Community Survey, with a slight delay in publication.
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Citation
U.S. Federal Reserve, 90% Confidence Interval Lower Bound of Estimate of Median Household Income for Montana (MHICILBMT30000A052NCEN), retrieved from FRED.