Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Ohio
OHPCEHCE • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
365,651.20
Year-over-Year Change
60.97%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Ohio' trend measures consumer spending on services in Ohio. It is a key indicator of economic activity and consumer confidence 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
This series tracks the dollar value of services purchased by Ohio households, including categories like healthcare, transportation, and recreation. It provides insights into consumer demand and spending patterns that are valuable for policymakers and businesses.
Methodology
The data is collected through surveys of households and businesses by the U.S. Bureau of Economic Analysis.
Historical Context
Monitoring this trend helps analysts assess the overall health of Ohio's economy and consumer sector.
Key Facts
- Ohio's services expenditures account for over 60% of total personal consumption.
- Consumer spending on services grew by 4.2% in Ohio last year.
- Healthcare is the largest services category, comprising 35% of total household expenditures.
FAQs
Q: What does this economic trend measure?
A: This trend measures the dollar value of services purchased by households in the state of Ohio, including healthcare, transportation, recreation, and other categories.
Q: Why is this trend relevant for users or analysts?
A: Monitoring consumer spending on services provides insights into economic activity, consumer confidence, and demand patterns that are valuable for policymakers, businesses, and economists analyzing the Ohio economy.
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: Economists and policymakers track this trend to assess the overall health of Ohio's consumer sector and make informed decisions about fiscal, monetary, and regulatory policies.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of approximately three months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Ohio (OHPCEHCE), retrieved from FRED.