Consumer Unit Characteristics: Income After Taxes by Region: Residence in the Midwest Census Region
CXUINCAFTAXLB1103M • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
80,964.00
Year-over-Year Change
36.32%
Date Range
1/1/1984 - 1/1/2023
Summary
This economic trend measures the average after-tax income of consumer units residing in the Midwest census region of the United States. It provides insights into the financial well-being and purchasing power of households in this geographic area.
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 Consumer Unit Characteristics: Income After Taxes by Region data series tracks the mean income of consumer units after federal, state, and local taxes have been paid. This metric is useful for economists and policymakers to understand regional differences in household disposable income and standards of living.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Consumer Expenditure Survey, which interviews a representative sample of U.S. households.
Historical Context
This trend is closely monitored by economists, businesses, and policymakers to gauge regional economic conditions and consumer demand.
Key Facts
- The Midwest region includes 12 states in the central United States.
- Average after-tax income in the Midwest was $67,302 in the latest data.
- Incomes in the Midwest are generally lower than the national average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average after-tax income of consumer units, or households, residing in the Midwest census region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the financial well-being and purchasing power of Midwest households, which is useful for economists, policymakers, and businesses to understand regional economic conditions and consumer demand.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Consumer Expenditure Survey, which interviews a representative sample of U.S. households.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by economists, businesses, and policymakers to gauge regional economic conditions and consumer demand, which can inform economic policies and business strategies.
Q: Are there update delays or limitations?
A: The data is released with a delay, as the Consumer Expenditure Survey is an ongoing survey that takes time to collect and process the information.
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Citation
U.S. Federal Reserve, Consumer Unit Characteristics: Income After Taxes by Region: Residence in the Midwest Census Region (CXUINCAFTAXLB1103M), retrieved from FRED.