Personal Contributions for Social Insurance in South Dakota
SDOSOC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,940.10
Year-over-Year Change
17.16%
Date Range
1/1/1948 - 1/1/2025
Summary
The 'Personal Contributions for Social Insurance in South Dakota' trend measures the amount of money South Dakota residents contribute to social insurance programs. This data provides insight into the financial well-being and social safety net participation of the state's population.
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 series represents the total personal contributions made by South Dakota residents to social insurance programs, such as Social Security and Medicare. It is an important economic indicator that reflects the state's employment levels, income, and residents' engagement with government social services.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through household surveys and administrative records.
Historical Context
Policymakers use this metric to evaluate the health of South Dakota's economy and the financial security of its population.
Key Facts
- South Dakota residents contributed over $2.5 billion to social insurance programs in 2021.
- Personal social insurance contributions account for approximately 5% of total personal income in South Dakota.
- The trend has shown steady growth over the past decade, reflecting the state's economic expansion.
FAQs
Q: What does this economic trend measure?
A: The 'Personal Contributions for Social Insurance in South Dakota' metric tracks the total amount of money that residents of South Dakota contribute to social insurance programs, such as Social Security and Medicare.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the financial well-being and social safety net participation of South Dakota's population, which is valuable information for policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis collects this data through household surveys and administrative records.
Q: How is this trend used in economic policy?
A: Policymakers use this metric to evaluate the health of South Dakota's economy and the financial security of its population, which can inform decisions on social programs, taxation, and economic development initiatives.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a lag of several months. There may be revisions to historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Personal Contributions for Social Insurance in South Dakota (SDOSOC), retrieved from FRED.