Why Use This Data Source In Your Models?
Real median household income in the US is indicative of wage rates, disposable income, and financial status of the average citizen. This is also indicative of overall economic health.
Real Median Household Income: Total US
U.S. Census Bureau
2018 CPI-U-RS Adjusted Dollars, Not Seasonally Adjusted
The data shows auto correlation and seasonality. The data should be differenced and seasonally adjusted.
Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.
Data shows auto correlation indicating a need for differencing
The ACF indicates 1 order differencing is appropriate.
Further differencing is reccommended
The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.16 p-value = 0.04 indicates that the data is not stationary.
The Shapiro-Wilk test returned W = 0.98 with a p-value =0.73 indicating the data follows a normal distribution.
A skewness score of -0.05 indicates the data are fairly symmetrical.
Hartigan's dip test score of 0.06 with a p-value of 0.56 inidcates the data is unimodal
Auto Correlation Function
Auto Correlation Function After Differencing
Partial Auto Correlation Function
2020 data is not currently available.
U.S. Census Bureau, Real Median Household Income in the United States [MEHOINUSA672N], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MEHOINUSA672N, December 16, 2019.
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