Per Capita Personal Consumption Expenditures: Services: Health Care for Alabama
ALPCEPCHLTHCARE • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,505.00
Year-over-Year Change
56.84%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures per capita personal consumption expenditures on health care services in the state of Alabama. It provides insights into consumer spending patterns and the relative demand for health care 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 Per Capita Personal Consumption Expenditures: Services: Health Care for Alabama metric tracks the average amount spent by Alabama residents on health care services, including hospital care, physician services, and other medical expenses. This data is useful for analyzing the state's health care industry and consumer behavior.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their personal consumption expenditures series.
Historical Context
This metric is valuable for policymakers, researchers, and businesses seeking to understand consumer demand and the role of health care in Alabama's economy.
Key Facts
- Alabama's per capita health care spending was $8,124 in 2021.
- Health care accounted for 17.4% of total personal consumption expenditures in Alabama in 2021.
- Alabama's per capita health care spending has grown by 38% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average amount spent by Alabama residents on health care services, including hospital care, physician services, and other medical expenses.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into consumer spending patterns and the relative demand for health care in Alabama, which is valuable for policymakers, researchers, and businesses.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their personal consumption expenditures series.
Q: How is this trend used in economic policy?
A: This metric is used by policymakers, economists, and industry analysts to understand consumer demand and the role of health care in Alabama's economy, which can inform policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis by the U.S. Bureau of Economic Analysis, with a lag of several months.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services: Health Care for Alabama (ALPCEPCHLTHCARE), retrieved from FRED.