Personal Consumption Expenditures: Total for Minnesota
MNPCE • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
324,127.60
Year-over-Year Change
62.18%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Total for Minnesota metric tracks consumer spending on goods and services within the state. It is a key indicator of economic activity and consumer confidence.
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 measures the total value of personal consumption expenditures by Minnesota residents, including spending on durable and non-durable goods as well as services. It provides insights into the overall health of the state's economy and consumer trends.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This metric is widely used by economists, policymakers, and analysts to assess the strength of Minnesota's economy and consumer demand.
Key Facts
- Minnesota's personal consumption expenditures totaled $369 billion in 2021.
- Consumer spending accounts for over 65% of Minnesota's gross state product.
- Personal consumption expenditures in Minnesota have grown by an average of 4.2% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Personal Consumption Expenditures: Total for Minnesota metric tracks the total value of consumer spending on goods and services within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the overall health of Minnesota's economy and consumer demand, making it a key indicator for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and government agencies use this metric to monitor consumer spending patterns and gauge the state's economic performance, which informs policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The Personal Consumption Expenditures: Total for Minnesota data is typically released on a quarterly basis, with a lag of approximately two to three months.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Total for Minnesota (MNPCE), retrieved from FRED.