Per Capita Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Pennsylvania
PAPCEPCHCE • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36,227.00
Year-over-Year Change
56.08%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Per Capita Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Pennsylvania' trend measures the average spending by Pennsylvania residents on various service-based goods and activities.
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 economic indicator tracks changes in household consumption of services within the state of Pennsylvania, providing insights into consumer demand and economic conditions. It is a valuable metric for policymakers, economists, and businesses analyzing regional spending patterns.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and economic modeling.
Historical Context
This metric informs analyses of consumer behavior, regional economic performance, and the service sector's role in Pennsylvania's economy.
Key Facts
- Pennsylvania's per capita service spending was $43,258 in 2021.
- Service consumption accounts for over 60% of Pennsylvania's total personal consumption expenditures.
- Service spending in Pennsylvania 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 average per capita spending by Pennsylvania residents on service-based goods and activities, such as healthcare, recreation, transportation, and other personal services.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into consumer demand and economic conditions within Pennsylvania, informing analyses of regional spending patterns, the service sector's role in the state's economy, and broader economic trends.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and businesses use this metric to assess consumer behavior, regional economic performance, and the service sector's contribution to Pennsylvania's economy, which can inform policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with a typical lag of 2-3 months. While comprehensive, the metric may not capture all service-related consumption activities within Pennsylvania.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Pennsylvania (PAPCEPCHCE), retrieved from FRED.