Per Capita Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Rhode Island
RIPCEPCHCE • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37,098.00
Year-over-Year Change
55.23%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures per capita personal consumption expenditures on services in Rhode Island. It provides insights into consumer spending and demand for 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
The Per Capita Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Rhode Island series tracks inflation-adjusted consumer spending on services within the state. It is a key indicator of economic activity and consumer confidence.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This metric informs policymakers and businesses about trends in Rhode Island's service-based economy.
Key Facts
- Rhode Island's per capita service spending was $44,916 in 2021.
- Service expenditures account for over 60% of total personal consumption in Rhode Island.
- The service sector comprises over 80% of Rhode Island's gross domestic product.
FAQs
Q: What does this economic trend measure?
A: This metric tracks inflation-adjusted per capita consumer spending on services in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: It provides insights into consumer demand and the health of Rhode Island's service-based economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this metric to understand trends in Rhode Island's service sector and make informed decisions.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of several months.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Rhode Island (RIPCEPCHCE), retrieved from FRED.