90% Confidence Interval Upper Bound of Estimate of Median Household Income for Rhode Island
MHICIUBRI44000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
85,788.00
Year-over-Year Change
57.41%
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 Rhode Island. It provides insight into the statistical uncertainty around this key measure of economic well-being.
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 Rhode Island offers a range that is likely to contain the true population median with 90% confidence. This metric is useful for assessing the statistical precision of income estimates and identifying potential outliers or data quality issues.
Methodology
The data is collected through the U.S. Census Bureau's annual American Community Survey.
Historical Context
This trend is relevant for policymakers, economists, and market analysts seeking to understand the income distribution and economic conditions in Rhode Island.
Key Facts
- The 90% confidence interval provides a range likely to contain the true median household income.
- Rhode Island's median household income was $68,682 in 2021 according to the American Community Survey.
- This metric helps quantify the statistical uncertainty around income estimates for policymakers.
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 Rhode Island. It provides a statistical range for the true median value.
Q: Why is this trend relevant for users or analysts?
A: The confidence interval is useful for assessing the precision of income estimates and identifying potential data quality issues. It helps policymakers and analysts understand the uncertainty around key economic metrics.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Census Bureau's annual American Community Survey.
Q: How is this trend used in economic policy?
A: This metric is relevant for policymakers, economists, and market analysts seeking to understand the income distribution and economic conditions in Rhode Island.
Q: Are there update delays or limitations?
A: The data is released annually with a delay, and the confidence interval reflects the statistical uncertainty inherent in survey-based estimates.
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Citation
U.S. Federal Reserve, 90% Confidence Interval Upper Bound of Estimate of Median Household Income for Rhode Island (MHICIUBRI44000A052NCEN), retrieved from FRED.