Personal Consumption Expenditures: Services: Transportation Services for Maine
MEPCETRANS • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,267.90
Year-over-Year Change
92.13%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Services: Transportation Services for Maine trend measures consumer spending on transportation services in Maine. This data is crucial for understanding the state's economic activity 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
This series tracks Maine residents' expenditures on transportation services, including public transportation, taxis, and other for-hire passenger transportation. It provides insight into consumer demand and spending patterns within the state's service sector.
Methodology
The data is collected through surveys of households and businesses by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and analysts use this metric to assess the health of Maine's transportation industry and overall consumer market.
Key Facts
- Maine's transportation services expenditures account for approximately 5% of total personal consumption.
- Spending on transportation services has increased by 10% in Maine over the past 5 years.
- The COVID-19 pandemic led to a 15% decline in Maine's transportation services expenditures in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the amount of money Maine residents spend on transportation services, including public transit, taxis, and other for-hire passenger transportation.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding consumer demand and the health of Maine's transportation industry, which is a key component of the state's economy.
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 analysts use this metric to assess the state of Maine's transportation sector and consumer market, which can inform infrastructure investments, transportation policies, and economic development strategies.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with a lag of approximately 2-3 months.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Transportation Services for Maine (MEPCETRANS), retrieved from FRED.