Personal Consumption Expenditures: Services: Food Services and Accommodations for Virginia
VAPCEFDSRVACCMD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34,688.30
Year-over-Year Change
81.77%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures personal consumption expenditures on food services and accommodations in Virginia. It provides insights into consumer spending and 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 Personal Consumption Expenditures: Services: Food Services and Accommodations for Virginia metric tracks consumer spending on dining, lodging, and other hospitality services within the state. It is a key indicator of economic activity and consumer confidence.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is closely monitored by policymakers, analysts, and businesses to understand consumer behavior and the health of Virginia's service industry.
Key Facts
- Virginia's food services and accommodations sector accounts for over 10% of the state's GDP.
- Consumer spending on dining and lodging in Virginia has grown by 25% over the past decade.
- The COVID-19 pandemic severely impacted this sector, with spending declining by 30% in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures personal consumption expenditures on food services and accommodations within the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into consumer spending patterns and the health of Virginia's service sector, which is a significant driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and businesses closely monitor this trend to understand consumer behavior and the performance of Virginia's service industry, which informs economic policies and business strategies.
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 information becomes available.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Food Services and Accommodations for Virginia (VAPCEFDSRVACCMD), retrieved from FRED.