Real Personal Income for Minnesota
MNRPI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
351,314.10
Year-over-Year Change
31.07%
Date Range
1/1/2008 - 1/1/2023
Summary
The Real Personal Income for Minnesota tracks the purchasing power of personal income for residents of the state, adjusting for inflation. This metric is a key indicator of economic well-being and consumer demand.
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
Real personal income is a measure of the total income received by individuals in Minnesota, including wages, salaries, interest, dividends, and government benefits, but adjusted for changes in the cost of living. It provides insight into the actual purchasing power of Minnesotans over time.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level personal income and price indices.
Historical Context
Policymakers and analysts use this metric to gauge the economic health and spending power of Minnesota residents.
Key Facts
- Minnesota's real personal income has grown by 23% over the past decade.
- Real personal income per capita in Minnesota is 8% higher than the national average.
- Declines in real personal income are often a precursor to economic downturns.
FAQs
Q: What does this economic trend measure?
A: The Real Personal Income for Minnesota metric measures the total income received by individuals in the state, adjusted for inflation. It provides insight into the purchasing power and economic well-being of Minnesota residents.
Q: Why is this trend relevant for users or analysts?
A: Real personal income is a key indicator of consumer demand and the overall health of Minnesota's economy. Tracking changes in this metric can help policymakers, businesses, and analysts understand spending patterns and make informed decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using state-level personal income and price indices to adjust for inflation.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor changes in real personal income to gauge the economic well-being of Minnesota residents and inform decisions around fiscal and monetary policy, social programs, and economic development initiatives.
Q: Are there update delays or limitations?
A: The Real Personal Income for Minnesota data is published quarterly with a lag of approximately two months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Personal Income for Minnesota (MNRPI), retrieved from FRED.