Personal Consumption Expenditures: Nondurable Goods: Clothing and Footwear for Ohio
OHPCECLTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15,181.50
Year-over-Year Change
48.48%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Nondurable Goods: Clothing and Footwear for Ohio trend measures consumer spending on clothing and footwear within the state. It provides insights into the retail demand and economic activity in the region.
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 indicator tracks the total value of personal consumption expenditures on nondurable goods, specifically clothing and footwear, by Ohio residents. It is a key component of the state's overall economic performance and consumer confidence.
Methodology
The data is collected through surveys of households and businesses by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and analysts use this trend to assess the health of Ohio's retail sector and consumer spending patterns.
Key Facts
- Ohio's clothing and footwear expenditures account for approximately 10% of total personal consumption in the state.
- Consumer spending on clothing and footwear in Ohio has grown by 15% over the past 5 years.
- The COVID-19 pandemic led to a 20% decline in Ohio's clothing and footwear expenditures in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of personal consumption expenditures on nondurable goods, specifically clothing and footwear, by residents of the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the retail demand and economic activity in Ohio, which is useful for policymakers, businesses, and economists analyzing the state's consumer spending patterns and overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected through surveys of households and businesses by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the health of Ohio's retail sector and consumer spending patterns, which can inform economic policy decisions.
Q: Are there update delays or limitations?
A: There may be a 1-2 month delay in the availability of the most recent data, and the trend may not capture all aspects of the clothing and footwear market in Ohio.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Nondurable Goods: Clothing and Footwear for Ohio (OHPCECLTH), retrieved from FRED.