Per Capita Personal Consumption Expenditures: Services: Financial Services and Insurance for Rhode Island
RIPCEPCFININS • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,877.00
Year-over-Year Change
48.54%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic indicator measures per capita personal consumption expenditures on financial services and insurance in Rhode Island. It is a key gauge of consumer spending on these essential services.
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 per capita personal consumption expenditures (PCE) on financial services and insurance for Rhode Island represent the average amount spent by residents on these services. It is a valuable metric for analyzing consumer behavior and the strength of the state's financial sector.
Methodology
The data is collected through surveys of households and businesses by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and analysts use this metric to assess financial sector activity and consumer financial health in Rhode Island.
Key Facts
- Rhode Island's per capita financial services spending was $6,358 in 2021.
- This indicator has grown by 20% over the past 5 years in Rhode Island.
- Financial services account for over 10% of total personal consumption in the state.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the average per capita spending by Rhode Island residents on financial services and insurance products.
Q: Why is this trend relevant for users or analysts?
A: It provides insights into consumer demand for financial services, 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 households and businesses by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the strength of Rhode Island's financial sector and consumer financial health.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services: Financial Services and Insurance for Rhode Island (RIPCEPCFININS), retrieved from FRED.