90% Confidence Interval Lower Bound of Estimate of Median Household Income for North Carolina
MHICILBNC37000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
70,296.00
Year-over-Year Change
61.52%
Date Range
1/1/1989 - 1/1/2023
Summary
This economic trend estimates the lower bound of the 90% confidence interval for the median household income in North Carolina. It provides insight into the statistical uncertainty around this key measure of economic well-being and household-level prosperity.
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 North Carolina represents the lower end of the range within which the true median income is likely to fall, with 90% confidence. This metric helps analysts and policymakers understand the precision and potential variability of this important economic statistic.
Methodology
The data is calculated by the U.S. Census Bureau based on survey responses.
Historical Context
This trend is used by economists, policymakers, and market analysts to contextualize income and household-level economic trends in North Carolina.
Key Facts
- The 90% confidence interval lower bound was $49,305 in 2021.
- This trend has shown gradual improvement since the Great Recession.
- North Carolina's median household income lags the national average.
FAQs
Q: What does this economic trend measure?
A: This trend estimates the lower bound of the 90% confidence interval for the median household income in North Carolina. It provides a statistical measure of the precision and potential variability of this key economic indicator.
Q: Why is this trend relevant for users or analysts?
A: The 90% confidence interval lower bound helps contextualize median household income data, providing insight into the potential range and statistical uncertainty around this important measure of economic well-being and household prosperity.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Census Bureau based on survey responses from households in North Carolina.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and market analysts to understand income and household-level economic conditions in North Carolina, informing policy decisions and market analysis.
Q: Are there update delays or limitations?
A: There may be a delay of several months between the end of the reference period and the release of the data. Additionally, survey sampling and estimation methods can introduce some statistical uncertainty.
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Citation
U.S. Census Bureau, 90% Confidence Interval Lower Bound of Estimate of Median Household Income for North Carolina (MHICILBNC37000A052NCEN), retrieved from FRED.