Personal Consumption Expenditures: Goods for Great Lakes BEA Region
GLAKPCEG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
833,317.60
Year-over-Year Change
64.91%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures personal consumption expenditures on goods in the Great Lakes region of the United States. It provides insights into consumer spending and regional economic activity.
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 Personal Consumption Expenditures: Goods for Great Lakes BEA Region metric tracks household spending on durable and nondurable goods within the eight-state Great Lakes region. It is a key indicator of regional consumer demand and can inform economic policymaking.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) based on surveys of consumer expenditures.
Historical Context
This regional consumption metric is used by economists, policymakers, and businesses to analyze trends in consumer spending and gauge the health of the Great Lakes economy.
Key Facts
- The Great Lakes region includes Illinois, Indiana, Michigan, Ohio, Wisconsin, Minnesota, Iowa, and Missouri.
- Goods consumption accounts for over 60% of total personal consumption expenditures in the region.
- Trends in this metric often mirror broader national patterns in consumer spending.
FAQs
Q: What does this economic trend measure?
A: The Personal Consumption Expenditures: Goods for Great Lakes BEA Region metric tracks household spending on durable and nondurable goods within the eight-state Great Lakes region.
Q: Why is this trend relevant for users or analysts?
A: This regional consumption metric provides insights into consumer demand and can inform economic policymaking and business decisions for the Great Lakes states.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) based on surveys of consumer expenditures.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and businesses use this metric to analyze trends in consumer spending and gauge the health of the Great Lakes economy.
Q: Are there update delays or limitations?
A: The data is published on a regular schedule by the BEA, but may be subject to revision and can have a short reporting lag.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Goods for Great Lakes BEA Region (GLAKPCEG), retrieved from FRED.