Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Pennsylvania
PAPCEVEH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27,008.70
Year-over-Year Change
69.54%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures personal consumption expenditures on durable goods, specifically motor vehicles and parts, for the state of Pennsylvania. It provides insights into consumer spending patterns and the strength of the automobile industry 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
The Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Pennsylvania metric tracks the value of consumer purchases of durable goods related to the automotive industry, including new and used vehicles, as well as automotive parts and accessories. This data point is a key indicator of consumer demand and the health of the transportation sector within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and other economic indicators.
Historical Context
This trend is widely used by economists, policymakers, and industry analysts to assess the state of the Pennsylvania economy and consumer confidence.
Key Facts
- Pennsylvania's personal consumption expenditures on motor vehicles and parts account for over 25% of total durable goods spending.
- This trend has shown steady growth over the past decade, reflecting the importance of the auto industry to the state's economy.
- Motor vehicle and parts purchases make up the largest component of durable goods spending in Pennsylvania.
FAQs
Q: What does this economic trend measure?
A: This trend measures personal consumption expenditures on durable goods, specifically motor vehicles and parts, for the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into consumer demand and the health of the transportation sector within the Pennsylvania economy, which is crucial information for economists, policymakers, and industry analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and other economic indicators.
Q: How is this trend used in economic policy?
A: This trend is widely used by economists, policymakers, and industry analysts to assess the state of the Pennsylvania economy and consumer confidence, which informs economic policy decisions.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical release delay of approximately 2-3 months.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Pennsylvania (PAPCEVEH), retrieved from FRED.