Personal Consumption Expenditures: Nondurable Goods: Food and Beverages Purchased for Off-Premises Consumption for Minnesota
MNPCEFOOD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
21,352.80
Year-over-Year Change
52.31%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures personal consumption expenditures on food and beverages purchased for off-premises consumption in Minnesota. It is a key indicator of consumer spending and demand in the state.
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 (PCE) index tracks the value of goods and services purchased by consumers. The 'Nondurable Goods: Food and Beverages Purchased for Off-Premises Consumption' component specifically measures spending on groceries and other food/drink consumed at home rather than in restaurants.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Historical Context
This PCE trend is used by policymakers, analysts, and businesses to monitor consumer demand and spending patterns in Minnesota.
Key Facts
- Minnesota's PCE food/beverage spending topped $30 billion in 2021.
- This metric has grown over 5% annually since 2015.
- Food/drink is the largest component of Minnesota's total PCE.
FAQs
Q: What does this economic trend measure?
A: This trend measures personal consumption expenditures on food and beverages purchased for off-premises consumption in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This PCE metric is a key indicator of consumer demand and spending patterns in Minnesota, which is important for businesses, policymakers, and economic analysts to monitor.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this PCE trend to understand consumer spending and demand dynamics in Minnesota, which informs economic and fiscal policy decisions.
Q: Are there update delays or limitations?
A: This data is published on a monthly basis with a 1-2 month delay from the reference period.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Nondurable Goods: Food and Beverages Purchased for Off-Premises Consumption for Minnesota (MNPCEFOOD), retrieved from FRED.