Per Capita Personal Consumption Expenditures: Services: Financial Services and Insurance for Massachusetts
MAPCEPCFININS • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,325.00
Year-over-Year Change
63.27%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures per capita personal consumption expenditures on financial services and insurance in Massachusetts. It provides insights into consumer spending on these essential economic activities.
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 Per Capita Personal Consumption Expenditures: Services: Financial Services and Insurance for Massachusetts series tracks household spending on banking, investment, and insurance services within the state. This metric is a key indicator of consumer financial activity and confidence.
Methodology
The data is collected through surveys of households and businesses by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is widely used by economists, policymakers, and financial analysts to monitor economic conditions and consumer behavior.
Key Facts
- Massachusetts residents spent an average of $6,523 on financial services and insurance in 2021.
- This metric has grown by 32% over the past decade in Massachusetts.
- Financial services account for the largest share of personal consumption expenditures in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures per capita personal consumption expenditures 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 spending and financial activity, which are key indicators of economic health and consumer confidence.
Q: How is this data collected or calculated?
A: The data is collected through surveys of households and businesses by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to monitor consumer financial behavior and make informed decisions about economic policies and regulations.
Q: Are there update delays or limitations?
A: The data is published quarterly with a short delay, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services: Financial Services and Insurance for Massachusetts (MAPCEPCFININS), retrieved from FRED.