Per Capita Personal Consumption Expenditures: Services: Food Services and Accommodations for Utah
UTPCEPCFDSRVACCMD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,273.00
Year-over-Year Change
91.85%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures per capita personal consumption expenditures on food services and accommodations in Utah. It provides insights into consumer spending and the 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
The Per Capita Personal Consumption Expenditures: Services: Food Services and Accommodations for Utah metric tracks the average amount spent by Utah residents on dining out and lodging. It is a key indicator of consumer behavior and an important component of overall economic activity in the state.
Methodology
This data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic reports.
Historical Context
Policymakers and analysts use this trend to assess the strength of Utah's service industry and monitor consumer confidence.
Key Facts
- Utah's per capita spending on food services and accommodations was $4,965 in 2021.
- This trend has grown by 10% over the past 5 years in Utah.
- The service sector accounts for over 70% of Utah's gross domestic product.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average amount spent per person in Utah on food services, such as restaurants, and accommodations, such as hotels and motels.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into consumer spending patterns and the health of Utah's service industry, which is a crucial component of the state's economy.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis collects and calculates this data based on surveys and economic reports.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess consumer confidence and the performance of Utah's service sector, which informs economic policies and business decisions.
Q: Are there update delays or limitations?
A: This data is typically released with a delay of several months, and it may not capture all economic activity in the service sector.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services: Food Services and Accommodations for Utah (UTPCEPCFDSRVACCMD), retrieved from FRED.