Per Capita Personal Consumption Expenditures: Services: Financial Services and Insurance for Colorado
COPCEPCFININS • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,451.00
Year-over-Year Change
67.39%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures per capita personal consumption expenditures on financial services and insurance in the state of Colorado. It provides insights into consumer spending patterns and the health of the financial services industry.
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
Per capita personal consumption expenditures on financial services and insurance is a key indicator of consumer demand and the economic performance of the financial sector. It tracks the average amount spent by Colorado residents on services like banking, investment management, and insurance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using personal consumption expenditure surveys and other economic indicators.
Historical Context
This trend is used by policymakers, economists, and market analysts to monitor the state's economic conditions and consumer behavior.
Key Facts
- Colorado's per capita spending on financial services and insurance was $6,210 in 2021.
- This trend has grown by 5.2% annually over the past 10 years.
- Financial services account for over 6% of Colorado's total personal consumption expenditures.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average amount spent by Colorado residents on financial services and insurance, including banking, investment management, and insurance products.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into consumer demand for financial services and the overall health of Colorado's financial sector, which is an important part of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using personal consumption expenditure surveys and other economic indicators.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and market analysts use this trend to monitor the state's economic conditions and consumer behavior, which can inform decisions around financial regulation, economic development, and fiscal policy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a delay of approximately three months, so there may be a lag in reflecting the latest economic conditions.
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Citation
U.S. Bureau of Economic Analysis, Per Capita Personal Consumption Expenditures: Services: Financial Services and Insurance for Colorado (COPCEPCFININS), retrieved from FRED.