90% Confidence Interval Lower Bound of Estimate of Median Household Income for Ohio
MHICILBOH39000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
67,151.00
Year-over-Year Change
47.63%
Date Range
1/1/1989 - 1/1/2023
Summary
This trend measures the lower bound of the 90% confidence interval for the estimated median household income in Ohio. It provides insight into the distribution and uncertainty around income levels in the state.
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 for median household income in Ohio represents the lower end of the range in which the true median income can be said to fall with 90% confidence. This metric is useful for policymakers and analysts to understand the income distribution and economic conditions within the state.
Methodology
The data is collected and calculated by the U.S. Census Bureau as part of the American Community Survey.
Historical Context
This economic indicator is relevant for assessing the financial well-being and cost of living trends in Ohio.
Key Facts
- The 90% confidence interval provides a range around the estimated median income.
- Ohio's median household income was $58,116 in 2021 according to Census data.
- Income inequality is a key economic issue for policymakers in the state.
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 the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: The 90% confidence interval provides insight into the uncertainty and distribution of incomes within the state, which is important for understanding economic conditions and cost of living trends.
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 American Community Survey.
Q: How is this trend used in economic policy?
A: This metric is relevant for policymakers and analysts examining income inequality, cost of living, and overall economic conditions within the state of Ohio.
Q: Are there update delays or limitations?
A: There may be update delays of 1-2 years due to the nature of survey data collection and processing by the Census Bureau.
Related Trends
Per Capita Personal Consumption Expenditures: Services: Transportation Services for Ohio
OHPCEPCTRANS
Chain-Type Quantity Index for Real GDP: Computer Systems Design and Related Services (5415) in Ohio
OHCPUSYSDSGNQGSP
Personal Consumption Expenditures: Services: Final Consumption Expenditures of Nonprofit Institutions Serving Households for Ohio
OHPCEFCENPISH
Total Unemployed Plus Discouraged Workers, as a Percent of the Civilian Labor Force Plus Discouraged Workers for Ohio
U4UNEM4OH
Average Weekly Hours of Production Employees: Manufacturing: Durable Goods in Ohio
SMU39000003100000007
All Employees: Professional and Business Services: Employment Services in Ohio
SMU39000006056130001SA
Citation
U.S. Federal Reserve, 90% Confidence Interval Lower Bound of Estimate of Median Household Income for Ohio (MHICILBOH39000A052NCEN), retrieved from FRED.