Personal Consumption Expenditures: Services: Other Services for Illinois
ILPCEOSRV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
68,921.50
Year-over-Year Change
60.34%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures personal consumption expenditures on other services in Illinois. It provides insights into consumer spending behavior and economic activity in the state.
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: Other Services for Illinois' series tracks consumer spending on a variety of personal services, excluding healthcare, housing, and transportation. It is a key indicator of the overall health and direction of the Illinois economy.
Methodology
The data is collected through household surveys and aggregated by the U.S. Bureau of Economic Analysis.
Historical Context
This metric is widely used by policymakers, analysts, and businesses to monitor consumer demand and inform economic forecasting and decision-making.
Key Facts
- Other services include personal care, funeral, and repair services.
- Illinois accounts for about 4% of total U.S. personal consumption expenditures.
- Consumer spending on other services makes up approximately 10% of total personal consumption in Illinois.
FAQs
Q: What does this economic trend measure?
A: This trend measures personal consumption expenditures on a variety of other services, excluding healthcare, housing, and transportation, in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into consumer demand and spending behavior, which are key indicators of the overall health and direction of the Illinois economy.
Q: How is this data collected or calculated?
A: The data is collected through household surveys and aggregated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: This metric is widely used by policymakers, analysts, and businesses to monitor consumer demand and inform economic forecasting and decision-making.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the collecting agency, the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Other Services for Illinois (ILPCEOSRV), retrieved from FRED.