Personal Consumption Expenditures: Services: Health Care for South Carolina
SCPCEHLTHCARE • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38,925.60
Year-over-Year Change
68.92%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Services: Health Care for South Carolina measures consumer spending on healthcare services in the state. This metric is important for economists and policymakers to understand trends in healthcare utilization and costs.
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 series tracks consumer expenditures on healthcare services, including hospital care, physician and clinical services, and other health-related services and goods. It is a key component of the overall Personal Consumption Expenditures (PCE) metric, which provides insights into broader consumer spending patterns.
Methodology
The data is collected through surveys of consumers and businesses by the U.S. Bureau of Economic Analysis.
Historical Context
Trends in healthcare spending are closely monitored by policymakers and market analysts to assess the state of the healthcare sector and the broader economy.
Key Facts
- Healthcare accounts for over 18% of GDP in the U.S.
- Spending on healthcare services has grown faster than overall consumer spending in recent decades.
- South Carolina's healthcare spending per capita is below the national average.
FAQs
Q: What does this economic trend measure?
A: This metric measures consumer spending on healthcare services in the state of South Carolina, including hospital care, physician services, and other health-related goods and services.
Q: Why is this trend relevant for users or analysts?
A: Trends in healthcare spending are important for understanding the state of the healthcare sector and the broader economy, as healthcare is a major component of consumer expenditures.
Q: How is this data collected or calculated?
A: The data is collected through surveys of consumers and businesses by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts closely monitor healthcare spending trends to assess the healthcare sector and the broader economy, and to inform policy decisions.
Q: Are there update delays or limitations?
A: The data is typically published with a delay of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Health Care for South Carolina (SCPCEHLTHCARE), retrieved from FRED.