Personal Consumption Expenditures: Services: Other Services for Alabama
ALPCEOSRV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
19,361.70
Year-over-Year Change
81.83%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Personal Consumption Expenditures: Services: Other Services for Alabama' metric measures consumer spending on various services in the state of Alabama. This data provides insights into the health and dynamics of the Alabama economy.
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 tracks personal consumption expenditures, which are a key indicator of economic activity and consumer demand. The 'Other Services' component includes a range of services such as personal care, funeral expenses, and civic and social organizations.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Historical Context
This metric is used by economists, policymakers, and businesses to analyze consumer trends and guide economic decision-making in Alabama.
Key Facts
- Alabama's other services spending accounted for $27.6 billion in 2021.
- This sector has grown by 4.2% annually over the past 5 years.
- Other services make up about 15% of total personal consumption in Alabama.
FAQs
Q: What does this economic trend measure?
A: This metric measures consumer spending on a variety of personal and professional services in the state of Alabama, excluding healthcare and housing-related services.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the health of Alabama's consumer-driven economy and can help guide business and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses 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 metric to monitor consumer demand and the overall state of the Alabama economy, which can inform fiscal and monetary policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 2-3 months.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Other Services for Alabama (ALPCEOSRV), retrieved from FRED.