90% Confidence Interval Lower Bound of Estimate of Median Household Income for South Dakota
MHICILBSD46000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
70,840.00
Year-over-Year Change
51.06%
Date Range
1/1/1989 - 1/1/2023
Summary
This trend measures the lower bound of the 90% confidence interval for the estimated median household income in South Dakota. It provides a statistically rigorous way to assess income levels and economic well-being in 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 South Dakota offers a robust estimate of the minimum level of household income at which 90% of the population falls. This metric is used by policymakers and analysts to gauge the economic security and purchasing power of households in the state.
Methodology
The data is calculated by the U.S. Census Bureau using survey responses and statistical modeling.
Historical Context
This trend helps inform policy decisions related to cost of living, social services, and economic development in South Dakota.
Key Facts
- South Dakota's 90% confidence interval lower bound was $53,798 in 2021.
- This metric has increased by over 25% since 2010.
- Median household income is a key indicator of a state's economic well-being.
FAQs
Q: What does this economic trend measure?
A: This trend measures the lower bound of the 90% confidence interval for estimated median household income in South Dakota. It provides a statistically robust estimate of the minimum income level for households in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the economic security and purchasing power of South Dakota households. It informs policymakers and analysts on cost of living, social services, and economic development in the state.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Census Bureau using survey responses and statistical modeling.
Q: How is this trend used in economic policy?
A: This trend helps inform policy decisions related to cost of living, social services, and economic development in South Dakota by providing a rigorous estimate of household income levels.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, so there may be a delay in reflecting the most recent economic conditions in South Dakota.
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Citation
U.S. Federal Reserve, 90% Confidence Interval Lower Bound of Estimate of Median Household Income for South Dakota (MHICILBSD46000A052NCEN), retrieved from FRED.