Expenditures: Personal Services by Region: Residence in the Midwest Census Region
CXUHHPERSRVLB1103M • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
487.00
Year-over-Year Change
45.81%
Date Range
1/1/1984 - 1/1/2023
Summary
The 'Expenditures: Personal Services by Region: Residence in the Midwest Census Region' measures household spending on personal services in the Midwest region of the United States. This metric provides insights into consumer behavior and regional economic trends.
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 data series tracks personal service expenditures for households located in the Midwest Census region, which includes Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, and Wisconsin. It is used by economists and policymakers to analyze regional consumption patterns and the state of the service economy.
Methodology
The data is collected through household surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is relevant for assessing regional economic performance and consumer demand.
Key Facts
- The Midwest region accounts for approximately 21% of total U.S. personal service expenditures.
- Personal service spending in the Midwest has grown by 3.2% annually over the past decade.
- Household spending on personal services makes up about 7% of total consumer expenditures in the Midwest.
FAQs
Q: What does this economic trend measure?
A: This data series measures household spending on personal services, such as haircuts, dry cleaning, and other non-essential services, for residents in the Midwest Census region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into consumer behavior and the state of the service economy in the Midwest region, which is valuable for economists, policymakers, and businesses analyzing regional economic trends.
Q: How is this data collected or calculated?
A: The data is collected through household surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This metric is used by policymakers and analysts to assess regional economic performance and consumer demand, which can inform policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, with a typical 1-2 month delay from the reference period.
Related Trends
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Expenditures: Other Household Expenses by Region: Residence in the Midwest Census Region
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Expenditures: Life and Other Personal Insurance by Region: Residence in the Midwest Census Region
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Citation
U.S. Federal Reserve, Expenditures: Personal Services by Region: Residence in the Midwest Census Region (CXUHHPERSRVLB1103M), retrieved from FRED.