Personal Consumption Expenditures: Services: Other Services for Great Lakes BEA Region
GLAKPCEOSRV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
195,225.30
Year-over-Year Change
56.17%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Personal Consumption Expenditures: Services: Other Services for Great Lakes BEA Region' measures consumer spending on various services in the Great Lakes region of the United States. This metric provides insight into regional consumer demand and 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
This economic indicator tracks household expenditures on a range of services in the Great Lakes area, including personal care, household operations, and miscellaneous services. It is a key component of the broader Personal Consumption Expenditures (PCE) index and offers granular regional data to complement national-level statistics.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) based on surveys of household spending.
Historical Context
This regional PCE services metric is used by policymakers, economists, and market analysts to assess economic conditions and consumer trends in the Great Lakes states.
Key Facts
- Covers a population of over 40 million people in the Great Lakes region.
- Has grown by an average of 2.5% annually over the past decade.
- Accounts for approximately 20% of total personal consumption in the region.
FAQs
Q: What does this economic trend measure?
A: The 'Personal Consumption Expenditures: Services: Other Services for Great Lakes BEA Region' metric tracks household spending on a variety of services in the Great Lakes states, including the personal care, household operations, and miscellaneous services sectors.
Q: Why is this trend relevant for users or analysts?
A: This regional PCE services indicator provides valuable insights into consumer demand and economic activity in the Great Lakes area, complementing national-level statistics and helping policymakers, economists, and market participants assess regional economic conditions.
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 household spending in the Great Lakes region.
Q: How is this trend used in economic policy?
A: This regional PCE services metric is used by policymakers, economists, and market analysts to evaluate economic conditions and consumer trends in the Great Lakes states, informing policy decisions and investment strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the BEA, with a typical release lag of 2-3 months. As with any survey-based economic indicator, the data may be subject to revisions and limitations in geographic coverage or sample size.
Related Trends
Gross Domestic Product: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in the Great Lakes BEA Region
GLAKMVEHMANNGSP
Chain-Type Quantity Index for Real GDP: Transit and Ground Passenger Transportation (485) in the Great Lakes BEA Region
GLAKTRANGRNDTRANQGSP
Gross Domestic Product: Insurance Carriers and Related Activities (524) in the Great Lakes BEA Region
GLAKINSCRANGSP
Gross Domestic Product: Computer and Electronic Product Manufacturing (334) in the Great Lakes BEA Region
GLAKCPUELCPMANNGSP
Per Capita Personal Consumption Expenditures: Services: Transportation Services for Great Lakes BEA Region
GLAKPCEPCTRANS
Chain-Type Quantity Index for Real GDP: Private Industries in the Great Lakes BEA Region
GLAKPIQQGSP
Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Other Services for Great Lakes BEA Region (GLAKPCEOSRV), retrieved from FRED.