Personal Consumption Expenditures: Services for Minnesota
MNPCESRV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
221,915.20
Year-over-Year Change
64.86%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Services for Minnesota trend measures the consumer spending on services in the state. It is a key indicator of economic activity and consumer demand.
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 metric tracks the value of services purchased by Minnesota residents, including healthcare, utilities, transportation, and recreation. It provides insights into consumer behavior and overall economic conditions in the state.
Methodology
The data is collected through surveys and compiled by the U.S. Bureau of Economic Analysis.
Historical Context
This indicator is used by policymakers, economists, and investors to assess the health of the Minnesota economy.
Key Facts
- Minnesota's services sector accounts for over 70% of its GDP.
- Consumer spending on services grew by 4.2% in Minnesota last year.
- Services expenditures tend to be more stable than goods purchases.
FAQs
Q: What does this economic trend measure?
A: The Personal Consumption Expenditures: Services for Minnesota trend measures the value of services purchased by consumers in the state, such as healthcare, utilities, and recreation.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into consumer demand and the overall health of the Minnesota economy, which is important for policymakers, businesses, and investors.
Q: How is this data collected or calculated?
A: The data is collected through surveys and compiled by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this indicator to assess the strength of consumer spending and the services sector in Minnesota, which informs policy decisions and economic forecasts.
Q: Are there update delays or limitations?
A: The data is published quarterly, with a typical delay of 2-3 months. It may not capture all services expenditures, as certain categories are difficult to measure.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services for Minnesota (MNPCESRV), retrieved from FRED.