Personal Contributions for Social Insurance in North Carolina
NCOSOC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
59,463.40
Year-over-Year Change
18.90%
Date Range
1/1/1948 - 1/1/2025
Summary
The 'Personal Contributions for Social Insurance in North Carolina' metric tracks the total amount of social insurance contributions made by individuals in the state. This data provides valuable insights into the state's social safety net funding and worker compensation programs.
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
This economic indicator represents the aggregate dollar amount that North Carolina residents contribute towards social insurance programs like Social Security, Medicare, and unemployment insurance. Policymakers and economists analyze this data to understand trends in workforce participation, income levels, and the overall health of the state's social insurance system.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys of North Carolina employers and households.
Historical Context
Trends in personal social insurance contributions are closely watched by state lawmakers and federal agencies when formulating economic and social policies.
Key Facts
- North Carolina personal social insurance contributions totaled $52.3 billion in 2021.
- Contributions have grown by an average of 4.2% annually over the past decade.
- The largest component is payroll taxes for Social Security and Medicare.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total dollar amount that individuals in North Carolina contribute towards social insurance programs like Social Security, Medicare, and unemployment insurance.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into workforce participation, income levels, and the overall health of North Carolina's social safety net system, which are crucial for policymakers and economists.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis collects this data through surveys of North Carolina employers and households.
Q: How is this trend used in economic policy?
A: Trends in personal social insurance contributions are closely watched by state lawmakers and federal agencies when formulating economic and social policies.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis with a typical lag of 3 months.
Related Trends
Real Gross Domestic Product: Government and Government Enterprises (92) in North Carolina
NCGOVRQGSP
State Government Tax Collections, Other Selective Sales and Gross Receipts Taxes in North Carolina
NCOTHSLSTAX
Gross Domestic Product: State and Local in North Carolina
NCGOVSLNGSP
All Employees: Educational Services in North Carolina
SMU37000006561000001A
All Employees: Durable Goods: Household and Institutional Furniture and Kitchen Cabinet Manufacturing in North Carolina
SMU37000003133710001A
Poverty Universe, Age 0-17 for North Carolina
PUA0T17NC37000A647NCEN
Citation
U.S. Federal Reserve, Personal Contributions for Social Insurance in North Carolina (NCOSOC), retrieved from FRED.