Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Pennsylvania
PAPCEHCE • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
469,557.30
Year-over-Year Change
58.38%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Pennsylvania measures the total value of services consumed by households in Pennsylvania. This trend is a key indicator of economic activity and consumer demand 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 metric tracks household spending on a wide range of services, including healthcare, transportation, recreation, and housing services. It provides insights into the strength of consumer spending, which is a major driver of economic growth.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and analysts use this trend to assess the health of the Pennsylvania economy and make informed decisions.
Key Facts
- Pennsylvania's household services expenditures totaled $497 billion in 2021.
- Services account for over 60% of total personal consumption in Pennsylvania.
- Household services spending has grown by an average of 3.2% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of services consumed by households in Pennsylvania, including healthcare, transportation, recreation, and housing services.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the strength of consumer spending, which is a major driver of economic growth in Pennsylvania. It is closely monitored by policymakers and analysts to assess the health of the state's economy.
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: Policymakers and analysts use this trend to inform decisions related to economic and fiscal policies in Pennsylvania, as it reflects the underlying consumer demand and spending patterns in the state.
Q: Are there update delays or limitations?
A: The data is typically released 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: Household Consumption Expenditures for Services for Pennsylvania (PAPCEHCE), retrieved from FRED.