Personal Consumption Expenditures: Services: Financial Services and Insurance for North Carolina
NCPCEFININS • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39,662.20
Year-over-Year Change
82.84%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures personal consumption expenditures on financial services and insurance in North Carolina. It provides insights into consumer spending and the financial health of the state's economy.
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 North Carolina metric tracks consumer spending on a range of financial services, including banking, investment management, and insurance. This data point is used by economists and policymakers to analyze trends in household consumption and the overall economic conditions within the state.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and statistical modeling.
Historical Context
This metric is closely monitored by financial institutions, regulators, and economic analysts to gauge the financial well-being of North Carolina consumers and the broader economic climate.
Key Facts
- North Carolina's financial services sector accounts for over 6% of the state's GDP.
- Consumer spending on financial services and insurance has grown by 3.2% annually in North Carolina over the past decade.
- The COVID-19 pandemic led to a 5.1% decline in North Carolina's financial services expenditures in 2020.
FAQs
Q: What does this economic trend measure?
A: This metric tracks personal consumption expenditures on financial services and insurance in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the financial health and spending patterns of North Carolina consumers, which is crucial for understanding the state's economic conditions and outlook.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys and statistical modeling.
Q: How is this trend used in economic policy?
A: This metric is closely monitored by financial institutions, regulators, and economic analysts to gauge the financial well-being of North Carolina consumers and the broader economic climate.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Financial Services and Insurance for North Carolina (NCPCEFININS), retrieved from FRED.