Per Capita Personal Consumption Expenditures: Services for Connecticut
CTPCEPCSRV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
45,906.00
Year-over-Year Change
57.20%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Per Capita Personal Consumption Expenditures: Services for Connecticut' trend measures the average spending by Connecticut residents on services, adjusted for population. This metric is a key indicator of consumer demand and economic activity 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
This metric represents the average amount spent by Connecticut residents on various services, including healthcare, education, recreation, and other personal services. It is a useful measure of consumer spending patterns and overall economic health within the state.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Historical Context
Policymakers and analysts use this trend to monitor consumer behavior and evaluate the state's economic performance.
Key Facts
- Connecticut's per capita service spending reached a high of $33,765 in 2021.
- Service spending accounts for over 60% of total personal consumption in Connecticut.
- The services sector is a significant driver of Connecticut's economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average spending by Connecticut residents on various services, including healthcare, education, recreation, and other personal services.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of consumer demand and economic activity in Connecticut, providing valuable insights for policymakers and analysts.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to monitor consumer behavior and evaluate the state's economic performance, informing economic policies and decision-making.
Q: Are there update delays or limitations?
A: The data is typically updated quarterly, with some delay in publication. There may be revisions to historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services for Connecticut (CTPCEPCSRV), retrieved from FRED.