Personal Consumption Expenditures: Services: Health Care for Massachusetts
MAPCEHLTHCARE • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
79,497.00
Year-over-Year Change
52.73%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Personal Consumption Expenditures: Services: Health Care for Massachusetts' trend measures consumer spending on healthcare services in the state of Massachusetts. This economic indicator provides insights into the health of the local economy and consumer demand for medical services.
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 series tracks personal consumption expenditures on healthcare services, including hospital care, physician services, and other healthcare-related expenses, for residents of Massachusetts. It is a key metric for understanding the state's healthcare market and consumer preferences.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys of consumer spending.
Historical Context
Policymakers and economists use this trend to assess the healthcare industry's contribution to the Massachusetts economy and consumer behavior.
Key Facts
- Massachusetts had the highest per capita healthcare spending in the U.S. in 2019.
- Healthcare accounts for over 15% of the Massachusetts GDP.
- The state's healthcare industry employs over 600,000 people.
FAQs
Q: What does this economic trend measure?
A: This trend measures consumer spending on healthcare services in the state of Massachusetts, including hospital care, physician services, and other medical expenses.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the health of Massachusetts' healthcare industry and consumer demand for medical services, which is crucial for economic policymaking and business planning.
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 surveys of consumer spending.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the healthcare industry's contribution to the Massachusetts economy and consumer behavior, which informs policy decisions and market analysis.
Q: Are there update delays or limitations?
A: The data is updated quarterly, and there may be some delays in reporting due to the time required for data collection and processing.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Health Care for Massachusetts (MAPCEHLTHCARE), retrieved from FRED.