Personal Contributions for Social Insurance in Utah
UTOSOC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
19,430.00
Year-over-Year Change
21.16%
Date Range
1/1/1948 - 1/1/2025
Summary
The 'Personal Contributions for Social Insurance in Utah' trend measures the total value of mandatory payroll deductions for social insurance programs in the state of Utah. This data provides insight into the financial burden on workers and the resources available for social safety net 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 series represents the total dollar amount of personal contributions paid by Utah residents for social insurance programs like Social Security, Medicare, and unemployment insurance. It serves as an important indicator of the state's workforce participation and the public resources available for supporting residents.
Methodology
The data is collected through surveys of Utah employers and households by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and economists use this trend to assess the financial health of Utah's social insurance system and the economic security of the state's workforce.
Key Facts
- Utah's personal social insurance contributions totaled $10.4 billion in 2021.
- Contributions have grown by 4.2% annually over the past decade.
- Social Security accounts for over 75% of total social insurance contributions in Utah.
FAQs
Q: What does this economic trend measure?
A: The 'Personal Contributions for Social Insurance in Utah' trend measures the total value of mandatory payroll deductions for social insurance programs in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the financial burden on Utah's workforce and the resources available for the state's social safety net programs, making it relevant for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected through surveys of Utah employers and households by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the financial health of Utah's social insurance system and the economic security of the state's workforce.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, and may not capture all changes in real-time.
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Citation
U.S. Federal Reserve, Personal Contributions for Social Insurance in Utah (UTOSOC), retrieved from FRED.