U.S. Bureau of Economic Analysis
Personal Income and Outlays
Dollars, Not Seasonally Adjusted
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.
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.
Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.
Per Capita Personal Income by State
Auto Correction Function
Auto Correlation Function After Differencing
Partial Auto Correlation Function
Data shows autocorrectation indicating a need for differencing
The ACF indicates 2 order differencing is appropriate.
Further differencing is reccommended
The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.78 p-value = 0.01 indicates that the data is not stationary.
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)
The following states do not report for this feature: District of Columbia, Puerto Rico.
U.S. Bureau of Economic Analysis, Per Capita Personal Income, retrieved from FRED, Federal Reserve Bank of St. Louis; January 27, 2020.