Consumer Unit Characteristics: Income Before Taxes by Region: Residence in the Midwest Census Region
CXUINCBFTAXLB1103M • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
92,618.00
Year-over-Year Change
52.09%
Date Range
1/1/1984 - 1/1/2023
Summary
This economic trend measures the average income before taxes for consumer units residing in the Midwest Census Region of the United States. It provides valuable insights into the financial well-being and spending 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 Before Taxes by Region data series tracks the mean income before taxes for consumer units, which are defined as families, single persons living alone or sharing a household with others, or other multi-person households. This metric is an important indicator of economic conditions and consumer demand in the Midwest region.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Consumer Expenditure Survey.
Historical Context
Policymakers and market analysts use this trend to gauge the financial state of Midwest households and inform decision-making.
Key Facts
- The Midwest region includes 12 states: Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin.
- In 2021, the average income before taxes for consumer units in the Midwest was $91,798.
- 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 income before taxes for consumer units, which are defined as families, single persons living alone or sharing a household with others, or other multi-person households, residing in the Midwest Census Region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the financial well-being and spending power of households in the Midwest region, which is an important indicator of economic conditions and consumer demand in this geographic area.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Consumer Expenditure Survey.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this trend to gauge the financial state of Midwest households and inform decision-making.
Q: Are there update delays or limitations?
A: The data is released on a regular basis, but there may be some delays in the publication of the most recent figures.
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Citation
U.S. Federal Reserve, Consumer Unit Characteristics: Income Before Taxes by Region: Residence in the Midwest Census Region (CXUINCBFTAXLB1103M), retrieved from FRED.