Personal Consumption Expenditures: Services: Financial Services and Insurance for Massachusetts
MAPCEFININS • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
44,286.90
Year-over-Year Change
72.39%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures spending on financial services and insurance by consumers in Massachusetts. It provides insight into the state's service sector and consumer behavior.
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: Financial Services and Insurance for Massachusetts series tracks household spending on a range of financial services, including banking, investment management, and insurance, within the state. This data is used to analyze the health and trends of Massachusetts' service economy.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Historical Context
This metric is closely watched by policymakers, economists, and financial institutions to gauge consumer demand and the state's economic conditions.
Key Facts
- Massachusetts accounts for approximately 3% of total U.S. personal consumption expenditures.
- Financial services and insurance make up over 20% of total consumer spending in Massachusetts.
- This metric has grown at an average annual rate of 4.2% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures household spending on financial services and insurance products within the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into consumer demand and the performance of Massachusetts' 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 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, economists, and financial institutions closely monitor this metric to gauge consumer behavior and the overall health of Massachusetts' economy.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Financial Services and Insurance for Massachusetts (MAPCEFININS), retrieved from FRED.