Per Capita Personal Consumption Expenditures: Services for Rhode Island
RIPCEPCSRV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39,512.00
Year-over-Year Change
54.85%
Date Range
1/1/1997 - 1/1/2023
Summary
Per Capita Personal Consumption Expenditures (PCE) for Services measures the average amount spent by Rhode Island residents on services. It is a key economic indicator that reflects consumer demand and the overall health of 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
PCE Services tracks household spending on items like healthcare, education, recreation, and other non-durable services. It provides insights into consumer behavior and is used by policymakers and analysts to assess economic conditions and consumer confidence in Rhode Island.
Methodology
The data is collected through household surveys and compiled by the U.S. Bureau of Economic Analysis.
Historical Context
Trends in PCE Services are monitored by state governments, the Federal Reserve, and private sector analysts to gauge the strength of the local economy.
Key Facts
- Rhode Island's per capita PCE Services was $31,577 in 2021.
- Services account for over 60% of total personal consumption in Rhode Island.
- PCE Services grew by 5.2% in Rhode Island in 2021 compared to the prior year.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average amount spent by Rhode Island residents on services, including healthcare, education, recreation, and other non-durable services.
Q: Why is this trend relevant for users or analysts?
A: Trends in per capita PCE Services provide insights into consumer behavior and the overall health 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 household surveys and compiled by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers, the Federal Reserve, and private sector analysts monitor PCE Services trends to assess economic conditions and consumer confidence in Rhode Island.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services for Rhode Island (RIPCEPCSRV), retrieved from FRED.