90% Confidence Interval Upper Bound of Estimate of Median Household Income for Minnesota
MHICIUBMN27000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
85,828.00
Year-over-Year Change
49.47%
Date Range
1/1/1989 - 1/1/2023
Summary
This economic trend measures the upper bound of the 90% confidence interval for the estimate of median household income in Minnesota. This metric is important for economists and policymakers to understand income distribution and household financial 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 upper bound for median household income in Minnesota represents the upper limit of the range in which the true median income is expected to fall, with 90% confidence. This statistic provides insight into the spread and uncertainty around the estimated median income level.
Methodology
The data is calculated from survey responses collected by the U.S. Census Bureau.
Historical Context
This trend is used to analyze household financial conditions and guide economic policies in Minnesota.
Key Facts
- The 90% confidence interval upper bound for Minnesota median household income in 2021 was $79,589.
- This metric has increased by 12.6% over the past 10 years.
- High confidence interval upper bounds indicate greater uncertainty around the true median income level.
FAQs
Q: What does this economic trend measure?
A: This trend measures the upper bound of the 90% confidence interval for the estimate of median household income in Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the uncertainty around the estimated median income level, which is important for understanding household financial conditions and guiding economic policy in the state.
Q: How is this data collected or calculated?
A: The data is calculated from survey responses collected by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze household financial conditions and guide economic policies in Minnesota.
Q: Are there update delays or limitations?
A: The data is subject to the limitations and update schedules of the U.S. Census Bureau surveys.
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Citation
U.S. Federal Reserve, 90% Confidence Interval Upper Bound of Estimate of Median Household Income for Minnesota (MHICIUBMN27000A052NCEN), retrieved from FRED.