90% Confidence Interval Upper Bound of Estimate of Median Household Income for Washington
MHICIUBWA53000A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
95,734.00
Year-over-Year Change
66.89%
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 Washington. It provides important insights into the distribution and uncertainty of household income 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 of Estimate of Median Household Income for Washington represents the upper limit of the range in which the true median household income is expected to fall with 90% confidence. This metric helps analysts and policymakers understand the potential variation and reliability of income data for the state.
Methodology
The data is calculated based on survey responses and statistical modeling by the U.S. Census Bureau.
Historical Context
This trend is used to inform economic and social policies related to income, inequality, and standards of living in Washington.
Key Facts
- The 90% confidence interval is a statistical measure that provides a range in which the true population parameter is expected to fall.
- The upper bound represents the highest value in this range, indicating the maximum potential median household income in Washington.
- Monitoring changes in this trend can help policymakers assess the economic well-being and income distribution within the state.
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 the state of Washington.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the potential variation and reliability of household income data, which is crucial for understanding economic conditions and informing policy decisions in Washington.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Census Bureau based on survey responses and statistical modeling.
Q: How is this trend used in economic policy?
A: This trend is used to inform economic and social policies related to income, inequality, and standards of living in Washington.
Q: Are there update delays or limitations?
A: The data may be subject to update delays and potential limitations inherent in survey-based estimates of household income.
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Citation
U.S. Census Bureau, 90% Confidence Interval Upper Bound of Estimate of Median Household Income for Washington (MHICIUBWA53000A052NCEN), retrieved from FRED.