Real Personal Income: Metropolitan Portion for Illinois
ILMPRPI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
687,441,578.00
Year-over-Year Change
28.93%
Date Range
1/1/2008 - 1/1/2023
Summary
The Real Personal Income: Metropolitan Portion for Illinois measures the purchasing power of personal income in metropolitan areas of Illinois, adjusted for inflation. This metric provides insight into the economic well-being and consumer spending patterns of Illinois residents.
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
This indicator tracks the real (inflation-adjusted) personal income of individuals living in metropolitan areas of Illinois. It is a key gauge of economic conditions and consumer spending power in the state, and is used by policymakers and analysts to assess the financial health of Illinois households.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using personal income and cost-of-living information.
Historical Context
The Real Personal Income: Metropolitan Portion for Illinois is an important indicator for understanding consumer demand, local economic growth, and the impacts of policy decisions in the state.
Key Facts
- Illinois metropolitan real personal income has grown by over 20% since 2010.
- Personal income makes up over 60% of total economic activity in Illinois metro areas.
- Real personal income trends often lead changes in consumer spending in the state.
FAQs
Q: What does this economic trend measure?
A: The Real Personal Income: Metropolitan Portion for Illinois measures the inflation-adjusted personal income of individuals living in metropolitan areas of the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic well-being and consumer spending patterns of Illinois residents, making it a key indicator for understanding local economic conditions and consumer demand.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using personal income and cost-of-living information.
Q: How is this trend used in economic policy?
A: The Real Personal Income: Metropolitan Portion for Illinois is an important indicator for policymakers and analysts to assess the financial health of Illinois households and the impacts of policy decisions in the state.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, so it may not reflect the most recent economic conditions in Illinois metropolitan areas.
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Citation
U.S. Federal Reserve, Real Personal Income: Metropolitan Portion for Illinois (ILMPRPI), retrieved from FRED.