Personal Consumption Expenditures: Total for Pennsylvania
PAPCE • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
738,929.80
Year-over-Year Change
57.07%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Total for Pennsylvania measures consumer spending in the state. This key economic indicator provides insights into economic growth 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 total value of goods and services purchased by Pennsylvania residents, including durable and non-durable goods as well as services. It is a vital measure of economic activity and household consumption patterns.
Methodology
The data is compiled by the U.S. Bureau of Economic Analysis using a variety of sources including household surveys and business reports.
Historical Context
Policymakers and analysts use this data to assess the health of Pennsylvania's economy and consumer sector.
Key Facts
- Pennsylvania's PCE totaled $703 billion in 2021.
- Consumer spending makes up over 65% of Pennsylvania's GDP.
- PCE in Pennsylvania has grown by 4.2% annually on average since 2010.
FAQs
Q: What does this economic trend measure?
A: The Personal Consumption Expenditures: Total for Pennsylvania measures the total value of goods and services purchased by residents of the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides critical insights into consumer demand and economic activity in Pennsylvania, which is crucial for policymakers, businesses, and investors.
Q: How is this data collected or calculated?
A: The data is compiled by the U.S. Bureau of Economic Analysis using a variety of sources, including household surveys and business reports.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to assess the health of Pennsylvania's economy and consumer sector, informing decisions on economic policy, investments, and market strategies.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of approximately 3 months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Total for Pennsylvania (PAPCE), retrieved from FRED.