90% Confidence Interval Lower Bound of Estimate of Median Household Income for Utah
MHICILBUT49000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
91,700.00
Year-over-Year Change
66.59%
Date Range
1/1/1989 - 1/1/2023
Summary
This economic trend measures the lower bound of the 90% confidence interval for the estimate of median household income in Utah. It provides important insights into the distribution and variability of household incomes within 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 Utah represents the lower limit of the range in which the true median income is expected to fall, with 90% confidence. This metric is useful for analyzing income inequality, cost of living, and economic well-being within the state.
Methodology
The data is collected through the U.S. Census Bureau's American Community Survey.
Historical Context
This trend is used by policymakers, economists, and market analysts to assess the economic conditions and income distribution in Utah.
Key Facts
- The 90% confidence interval lower bound for Utah's median household income was $57,590 in 2020.
- This metric has fluctuated between $54,000 and $59,000 over the past decade.
- Utah's median household income is typically higher than the national average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the lower bound of the 90% confidence interval for the estimate of median household income in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the distribution and variability of household incomes within Utah, which is useful for analyzing economic well-being, cost of living, and income inequality in the state.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Census Bureau's American Community Survey.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and market analysts to assess the economic conditions and income distribution in Utah, which can inform policy decisions and market strategies.
Q: Are there update delays or limitations?
A: The data is typically updated annually, with a slight delay due to the time required for data collection and processing by the Census Bureau.
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Citation
U.S. Federal Reserve, 90% Confidence Interval Lower Bound of Estimate of Median Household Income for Utah (MHICILBUT49000A052NCEN), retrieved from FRED.