Personal Consumption Expenditures: Services: Financial Services and Insurance for Minnesota
MNPCEFININS • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
26,136.30
Year-over-Year Change
66.43%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures consumer spending on financial services and insurance in Minnesota. It provides insights into the health of the state's financial sector and consumer demand for these products.
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 Minnesota tracks household expenditures on banking, investment, insurance, and other financial services within the state. It is a key indicator of financial industry activity and consumer confidence.
Methodology
The data is collected through household surveys and industry reports by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is used by economists, policymakers, and financial institutions to analyze the Minnesota economy and consumer financial behavior.
Key Facts
- Minnesota's financial services and insurance expenditures account for over 7% of total personal consumption.
- Consumer spending on these services has grown by 4.2% annually over the past decade.
- The sector employs over 200,000 people in Minnesota, a significant portion of the state's workforce.
FAQs
Q: What does this economic trend measure?
A: This trend measures household expenditures on financial services and insurance products in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: It provides insights into the financial health and consumer demand within Minnesota's economy, which is important for policymakers, businesses, and investors.
Q: How is this data collected or calculated?
A: The data is collected through household surveys and industry reports by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the performance of Minnesota's financial sector and consumer financial behavior, which can inform economic policies and regulatory decisions.
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: Financial Services and Insurance for Minnesota (MNPCEFININS), retrieved from FRED.