Personal Consumption Expenditures: Services: Financial Services and Insurance for Arizona
AZPCEFININS • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25,107.90
Year-over-Year Change
94.21%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Personal Consumption Expenditures: Services: Financial Services and Insurance for Arizona' metric measures consumer spending on financial and insurance services in the state of Arizona. It is a key indicator of economic activity and consumer confidence.
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 metric represents the total household spending on financial and insurance services in Arizona, including banking, investment management, insurance, and other related services. It is used by economists and policymakers to assess the financial health and spending patterns of Arizona consumers.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis through surveys and economic modeling.
Historical Context
This metric provides important insights into the Arizona consumer economy and is utilized by financial institutions, government agencies, and market analysts.
Key Facts
- Arizona's personal consumption expenditures on financial services and insurance totaled $58.2 billion in 2021.
- This metric has grown at an average annual rate of 4.2% over the past 10 years.
- Financial services and insurance account for approximately 15% of total consumer spending in Arizona.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total household spending on financial and insurance services in the state of Arizona, including banking, investment management, insurance, and other related services.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the financial health and spending patterns of Arizona consumers, which is valuable information for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis through surveys and economic modeling.
Q: How is this trend used in economic policy?
A: This metric is utilized by financial institutions, government agencies, and market analysts to assess the Arizona consumer economy and inform economic policy decisions.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several 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: Financial Services and Insurance for Arizona (AZPCEFININS), retrieved from FRED.