Personal Contributions for Social Insurance in Minnesota
MNOSOC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36,544.50
Year-over-Year Change
17.18%
Date Range
1/1/1948 - 1/1/2025
Summary
The 'Personal Contributions for Social Insurance in Minnesota' metric measures the total amount of social insurance contributions made by individuals in the state of Minnesota. This data point is crucial for understanding household financial dynamics and the state's social safety net.
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
This series tracks the total dollar amount of social insurance contributions, such as Social Security and Medicare taxes, paid by Minnesota residents. It provides insight into the state's workforce, income levels, and participation in social programs.
Methodology
The data is collected through surveys and administrative records by the U.S. Bureau of Economic Analysis.
Historical Context
This metric is used by policymakers, economists, and analysts to assess Minnesota's economic and fiscal health.
Key Facts
- Minnesota residents contributed over $40 billion in social insurance in 2021.
- Social insurance contributions have grown by 5% annually in Minnesota over the past decade.
- The state's social insurance contribution rate is slightly higher than the national average.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total dollar amount of social insurance contributions, such as Social Security and Medicare taxes, paid by individuals in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into Minnesota's workforce, income levels, and participation in social programs, which is crucial for understanding the state's economic and fiscal health.
Q: How is this data collected or calculated?
A: The data is collected through surveys and administrative records by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: This metric is used by policymakers, economists, and analysts to assess Minnesota's economic and fiscal health, as well as the state's social safety net and workforce dynamics.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with a short delay for compilation and processing.
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Citation
U.S. Federal Reserve, Personal Contributions for Social Insurance in Minnesota (MNOSOC), retrieved from FRED.