Per Capita Personal Consumption Expenditures: Services: Food Services and Accommodations for Rhode Island
RIPCEPCFDSRVACCMD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,821.00
Year-over-Year Change
102.31%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures spending on food services and accommodations in Rhode Island. It provides insight into consumer demand and the state's service sector.
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
Per Capita Personal Consumption Expenditures (PCE) track the average amount spent by Rhode Island residents on various goods and services. The Food Services and Accommodations component specifically captures spending at restaurants, hotels, and other hospitality-related industries.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is closely monitored by policymakers and economists to assess the strength of Rhode Island's consumer-driven economy.
Key Facts
- Rhode Island's per capita spending on food services and accommodations was $5,302 in 2021.
- This category accounts for approximately 10% of total personal consumption expenditures in the state.
- Spending in this sector has recovered to pre-pandemic levels after a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average amount spent by Rhode Island residents on food services and accommodations, including restaurants, hotels, and other hospitality-related industries.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into consumer demand and the strength of Rhode Island's service sector, which is a key driver 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 economists closely monitor this trend to assess the overall health of Rhode Island's consumer-driven economy and make informed decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately three months.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services: Food Services and Accommodations for Rhode Island (RIPCEPCFDSRVACCMD), retrieved from FRED.