Per Capita Personal Income by State
Why Use This Data Source In Your Models?
Per capita personal income measures the average income level per person in the state. This indicates overall economic health, as well as disposable income and wages.
Per Capita Personal Income by State
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Automated Data Profiling
Suggested Treatment:
Grain Transformation:
Source:
U.S. Bureau of Economic Analysis
Release:
Personal Income and Outlays
Units:
Dollars, Not Seasonally Adjusted
Frequency:
Annual
Available Through:
03/31/2023
Suggested Treatment:
The data shows auto correlation and seasonality. The data should be differenced and seasonally adjusted.
Grain Transformation:
Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.
Auto Correlation Analysis:
Data shows auto correlation indicating a need for differencing
The ACF indicates 1 order differencing is appropriate.
Following first order differencing, no further differencing is required based on the differenced ACF at lag one of -0.07
Trend Analysis:
The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.13 p-value = 0.08 indicates that the data is stationary.
Distribution Analysis:
The Shapiro-Wilk test returned W = 0.94 with a p-value =0.60 indicating the data follows a normal distribution.
A skewness score of 0.17 indicates the data are fairly symmetrical.
Hartigan's dip test score of 0.09 with a p-value of 0.67 inidcates the data is unimodal
Statistics (Pearson P/ df, lower => more normal)
Auto Correlation Function
Auto Correlation Function After Differencing
Partial Auto Correlation Function
Data Notes:
The following states do not report for this feature: District of Columbia, Puerto Rico.
Citation:
U.S. Bureau of Economic Analysis, Per Capita Personal Income, retrieved from FRED, Federal Reserve Bank of St. Louis; January 27, 2020.
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