Per Capita Personal Income by State

Source:
U.S. Bureau of Economic Analysis

Release:
Personal Income and Outlays

Units:
Dollars, Not Seasonally Adjusted

Frequency:
Annual

Available Through:
06/30/2021

Why Use:

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.

Suggested Treatment:

The data shows autocorrection, seasonality and a non-normal distribution. The data should be differenced and seasonally adjusted. While the Order Norm transformation, provides the best normality, the Arcsin variable will also perform well.

Grain Transformation:

Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.

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Per Capita Personal Income by State

Auto Correction Function

Auto Correlation Function After Differencing

Partial Auto Correlation Function

Autocorrectation Analysis:

Data shows autocorrectation indicating a need for differencing

The ACF indicates 2 order differencing is appropriate.

Further differencing is reccommended

Trend Analysis:

The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.78 p-value = 0.01 indicates that the data is not stationary.

Distribution Analysis:

The Shapiro-Wilk test returned W = 0.83 with a p-value =0.00 indicating the data does not follow a normal distribution.

A skewness score of 0.89 indicates the data are moderately skewed.

Hartigan's dip test score of 0.03 with a p-value of 0.86 inidcates the data is unimodal

Statistics (Pearson P/ df, lower => more normal)

No transform
3.49
Box-cox
1.68
Log_b(x-a)
1.56
sqrt(x+a)
2.39
exp(x)
NA
arcsinh(x)
1.56
Yeo-Johnson
1.68
OrderNorm
1.39

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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