Personal Consumption Expenditures: Services: Financial Services and Insurance for Utah
UTPCEFININS • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,576.70
Year-over-Year Change
120.43%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures consumer spending on financial services and insurance in the state of Utah. It is an important indicator of the strength of the financial sector and consumer demand in the state.
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 Personal Consumption Expenditures: Services: Financial Services and Insurance for Utah tracks the total amount consumers spend on services related to finance, banking, and insurance within the state. This data provides insights into the health of Utah's financial industry and consumer confidence.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Historical Context
This trend is closely watched by policymakers, businesses, and economists to assess economic conditions and consumer behavior in Utah.
Key Facts
- Utah's financial services spending reached a record high in 2021.
- Consumers in Utah spend more on financial services than the national average.
- The financial services sector is a major contributor to Utah's economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of money consumers in Utah spend on financial services, banking, and insurance.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the strength of Utah's financial sector and consumer demand, which are important indicators of the state's economic health.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Q: How is this trend used in economic policy?
A: Policymakers, businesses, and economists closely monitor this trend to assess economic conditions and consumer behavior in Utah, which can inform policy decisions and market strategies.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, and there may be some delays in reporting due to the time required for data collection and processing.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Financial Services and Insurance for Utah (UTPCEFININS), retrieved from FRED.