90% Confidence Interval Lower Bound of Estimate of Median Household Income for Virginia
MHICILBVA51000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
88,915.00
Year-over-Year Change
44.85%
Date Range
1/1/1989 - 1/1/2023
Summary
This economic trend measures the lower bound of the 90% confidence interval for the estimated median household income in Virginia. It provides insight into the statistical reliability and dispersion of this key income metric.
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 represents the lower limit of the range within which the true median household income in Virginia has a 90% probability of falling. This statistic helps analysts and policymakers assess the precision and uncertainty around the median income estimate.
Methodology
The data is calculated by the U.S. Census Bureau based on survey responses.
Historical Context
Trends in median household income and its confidence intervals are closely monitored by economists and policymakers to gauge economic well-being and guide fiscal and social policies.
Key Facts
- Provides a lower bound estimate for median household income in Virginia.
- Reflects the statistical uncertainty around the income estimate.
- Used by policymakers to assess economic conditions and guide policy decisions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the lower bound of the 90% confidence interval for the estimated median household income in Virginia. It represents the lower limit of the range within which the true median income has a 90% probability of falling.
Q: Why is this trend relevant for users or analysts?
A: The 90% confidence interval lower bound for median household income helps analysts and policymakers assess the precision and uncertainty around this key economic metric, which is crucial for understanding economic well-being and guiding policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Census Bureau based on survey responses.
Q: How is this trend used in economic policy?
A: Trends in median household income and its confidence intervals are closely monitored by economists and policymakers to gauge economic well-being and guide fiscal and social policies.
Q: Are there update delays or limitations?
A: The data is subject to the update schedule and limitations of the U.S. Census Bureau's household income surveys.
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Citation
U.S. Federal Reserve, 90% Confidence Interval Lower Bound of Estimate of Median Household Income for Virginia (MHICILBVA51000A052NCEN), retrieved from FRED.