Per Capita Personal Consumption Expenditures: Services: Food Services and Accommodations for Alabama
ALPCEPCFDSRVACCMD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,235.00
Year-over-Year Change
95.47%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures per capita personal consumption expenditures on food services and accommodations in Alabama. It provides insight into consumer spending patterns and the strength of the state's service sector.
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
Per capita personal consumption expenditures (PCE) is a key metric that tracks the average amount spent by individuals on various goods and services. The food services and accommodations component specifically captures spending on restaurants, hotels, and other hospitality-related items in Alabama.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on consumer surveys and other economic indicators.
Historical Context
This trend is closely monitored by policymakers, businesses, and economists to assess the health of Alabama's consumer-driven economy.
Key Facts
- Alabama's per capita PCE on food services and accommodations was $3,980 in 2021.
- This trend has grown by 10% over the past 5 years in Alabama.
- The food services and accommodations sector accounts for 11% of total personal consumption in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures per capita personal consumption expenditures on food services and accommodations in the state of Alabama. It captures average individual spending on restaurants, hotels, and other hospitality-related items.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into consumer spending patterns and the strength of Alabama's service sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on consumer surveys and other economic indicators.
Q: How is this trend used in economic policy?
A: Policymakers, businesses, and economists closely monitor this trend to assess the health of Alabama's consumer-driven economy and make informed decisions about economic policies and strategies.
Q: Are there update delays or limitations?
A: This data is typically published with a 1-2 month delay and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services: Food Services and Accommodations for Alabama (ALPCEPCFDSRVACCMD), retrieved from FRED.