90% Confidence Interval Upper Bound of Estimate of Median Household Income for Texas
This dataset tracks 90% confidence interval upper bound of estimate of median household income for texas over time.
Latest Value
76248.00
Year-over-Year Change
53.18%
Date Range
1/1/1989 - 1/1/2023
Summary
This economic trend measures the upper bound of the 90% confidence interval for the estimate of median household income in Texas. It provides insight into the distribution and uncertainty around the median income statistic, which is a key indicator of economic well-being.
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 upper bound for the estimate of median household income in Texas represents the upper limit of the range within which the true median income value is expected to fall with 90% probability. This helps policymakers and analysts understand the statistical reliability of the median income estimate and assess income trends in the state.
Methodology
The data is calculated by the U.S. Census Bureau based on survey samples of Texas households.
Historical Context
This trend is used by economists, policymakers, and market analysts to evaluate the economic health and income distribution in Texas.
Key Facts
- The upper bound indicates the value above which only 5% of the true median income values are expected to fall.
- Texas had a 90% confidence interval upper bound of $71,577 for median household income in 2021.
- Confidence intervals help quantify the uncertainty around income estimates due to sampling variability.
FAQs
Q: What does this economic trend measure?
A: This trend measures the upper bound of the 90% confidence interval for the estimate of median household income in the state of Texas. It represents the upper limit of the range within which the true median income value is expected to fall with 90% probability.
Q: Why is this trend relevant for users or analysts?
A: The confidence interval upper bound helps policymakers and analysts understand the statistical reliability of the median income estimate and assess income trends in Texas. It provides insight into the distribution and uncertainty around this key economic indicator.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Census Bureau based on survey samples of Texas households.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and market analysts to evaluate the economic health and income distribution in Texas, which informs policy decisions and market analyses.
Q: Are there update delays or limitations?
A: The data may have update delays due to the time required to collect and process the underlying household survey information. Additionally, confidence intervals are subject to sampling variability, so the true median income may fall outside the reported range.
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Citation
U.S. Federal Reserve, 90% Confidence Interval Upper Bound of Estimate of Median Household Income for Texas (MHICIUBTX48000A052NCEN), retrieved from FRED.