Personal Consumption Expenditures: Services: Transportation Services for Rhode Island
RIPCETRANS • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,551.50
Year-over-Year Change
81.03%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Services: Transportation Services for Rhode Island measures consumer spending on transportation services within the state. This metric is closely monitored by economists and policymakers to assess the strength of the local economy.
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
This data series tracks the total dollar value of services related to transportation, such as public transit, taxis, and air travel, purchased by consumers in Rhode Island. It is an important component of the broader Personal Consumption Expenditures (PCE) index, which provides insights into consumer demand and overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys of consumer spending behavior.
Historical Context
Changes in transportation services expenditures can indicate shifting consumer preferences and the relative health of the transportation and travel industries in Rhode Island.
Key Facts
- Rhode Island's transportation services expenditures totaled $4.2 billion in 2021.
- This metric has seen a 3.5% average annual growth rate over the past decade.
- Transportation services account for approximately 8% of total personal consumption in Rhode Island.
FAQs
Q: What does this economic trend measure?
A: The Personal Consumption Expenditures: Services: Transportation Services for Rhode Island measures consumer spending on transportation-related services within the state, such as public transit, taxis, and air travel.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into consumer demand and the strength of the transportation and travel industries in Rhode Island, which are important indicators of the state's overall economic health.
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 of consumer spending behavior.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor changes in transportation services expenditures to assess consumer preferences, industry performance, and overall economic activity, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is typically published on a monthly basis with a lag of approximately one month, and may be subject to periodic revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Transportation Services for Rhode Island (RIPCETRANS), retrieved from FRED.