Personal Consumption Expenditures: Services: Food Services and Accommodations for Ohio
OHPCEFDSRVACCMD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38,767.50
Year-over-Year Change
77.57%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures personal consumption expenditures (PCE) on food services and accommodations in Ohio. It provides insights into consumer spending patterns and the health of the state's service sector.
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: Food Services and Accommodations for Ohio metric tracks household spending on dining out, hotels, and other service-related industries within the state. It is a key indicator of consumer confidence and discretionary income levels.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is used by economists, policymakers, and businesses to monitor the broader economic conditions and consumer behavior in Ohio.
Key Facts
- Ohio's food services and accommodations sector accounts for over 10% of the state's GDP.
- PCE on food services and accommodations in Ohio has grown by 3.2% annually over the past 5 years.
- The COVID-19 pandemic led to a 25% decline in this metric in 2020 before a gradual recovery.
FAQs
Q: What does this economic trend measure?
A: This trend measures personal consumption expenditures on food services and accommodations in the state of Ohio, providing insights into consumer spending patterns and the health of the service sector.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of consumer confidence and discretionary income levels in Ohio, which is valuable information for economists, policymakers, and businesses operating in the state.
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: This trend is used by economists and policymakers to monitor the broader economic conditions and consumer behavior in Ohio, which can inform policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, with a typical 1-2 month delay between the reference period and the publication date.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Food Services and Accommodations for Ohio (OHPCEFDSRVACCMD), retrieved from FRED.