Personal Consumption Expenditures: Services for Colorado
COPCESRV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
252,774.40
Year-over-Year Change
100.61%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Services for Colorado series measures the level of consumer spending on services in the state of Colorado. This indicator is closely watched by economists to assess the strength of the local economy.
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 tracks the total value of services purchased by Colorado residents, including categories like healthcare, transportation, recreation, and others. It provides insight into consumer demand and confidence within the state.
Methodology
The data is collected through surveys and estimates by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and analysts use this trend to evaluate the health of Colorado's service sector and guide economic policy decisions.
Key Facts
- Colorado services spending reached a record high in 2021.
- The services sector accounts for over 60% of Colorado's GDP.
- Consumer services spending tends to be more volatile than goods spending.
FAQs
Q: What does this economic trend measure?
A: The Personal Consumption Expenditures: Services for Colorado series tracks the total value of services purchased by consumers in the state of Colorado.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the strength of consumer demand and confidence within Colorado's service sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys and estimates by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to evaluate the health of Colorado's service sector and guide economic policy decisions.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services for Colorado (COPCESRV), retrieved from FRED.