Personal Consumption Expenditures: Services: Food Services and Accommodations for Arizona
AZPCEFDSRVACCMD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
30,832.60
Year-over-Year Change
118.16%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures personal consumption expenditures on food services and accommodations in Arizona. It provides insights into consumer spending patterns and the state's service sector activity.
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
The Personal Consumption Expenditures: Services: Food Services and Accommodations for Arizona metric tracks consumer spending on meals, snacks, and lodging within the state. It is a key indicator of Arizona's service industry performance and consumer confidence.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys of businesses and households.
Historical Context
This trend is used by economists, policymakers, and businesses to monitor Arizona's economic conditions and consumer behavior.
Key Facts
- Arizona's food services and accommodations sector accounts for over 10% of the state's GDP.
- Consumer spending on food and lodging in Arizona has grown by 20% in the past 5 years.
- The COVID-19 pandemic led to a 30% decline in this metric in 2020 before a gradual recovery.
FAQs
Q: What does this economic trend measure?
A: This trend measures personal consumption expenditures on food services and accommodations within the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into consumer spending patterns and the performance of Arizona'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 by the U.S. Bureau of Economic Analysis through surveys of businesses and households.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and businesses use this trend to monitor Arizona's economic conditions and consumer behavior, which informs decisions around fiscal and monetary policy.
Q: Are there update delays or limitations?
A: There is typically a 2-3 month delay in the release of this data, and the metric may not fully capture informal or cash-based economic activity.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Food Services and Accommodations for Arizona (AZPCEFDSRVACCMD), retrieved from FRED.