Personal Consumption Expenditures: Services: Health Care for Utah
UTPCEHLTHCARE • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23,353.50
Year-over-Year Change
96.66%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Services: Health Care for Utah measures household spending on healthcare services in the state of Utah. This metric is important for policymakers and economists to understand consumer demand and inflation in the healthcare 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
This series represents the total personal consumption expenditures on health care services by Utah residents, including payments for hospital care, physician and clinical services, and other healthcare expenses. It is a key indicator of consumer activity and inflationary pressures in the healthcare industry.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys of household spending.
Historical Context
Policymakers and market analysts use this metric to assess healthcare affordability, access, and cost trends in Utah.
Key Facts
- Utah's healthcare spending accounts for over 7% of total personal consumption.
- Annual growth in Utah healthcare expenditures has averaged 4.2% over the past decade.
- Spending on hospital care makes up the largest share of Utah's healthcare consumption at 45%.
FAQs
Q: What does this economic trend measure?
A: The UTPCEHLTHCARE series measures total personal consumption expenditures on healthcare services by residents of Utah.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into consumer demand, affordability, and inflationary pressures in Utah's healthcare sector, which is crucial for policymakers and market analysts.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys of household spending.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this metric to assess healthcare access, costs, and affordability in Utah, informing decisions around healthcare policy and regulation.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two 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 Utah (UTPCEHLTHCARE), retrieved from FRED.