Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Idaho
IDPCEHCE • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
56,899.40
Year-over-Year Change
109.68%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Idaho is an economic indicator that measures the level of consumer spending on services within the state of Idaho. This metric is closely watched by economists as it provides insights into the health 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 series tracks the total dollar value of services purchased by Idaho households, such as healthcare, utilities, transportation, and recreation. It is a key component of gross domestic product and an important gauge of consumer demand and economic activity in the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
Policymakers and market analysts use this metric to assess the performance of the Idaho economy and make informed decisions.
Key Facts
- Services account for over 60% of Idaho's GDP.
- Idaho's services spending has grown by 4% annually on average over the past decade.
- The COVID-19 pandemic led to a sharp decline in Idaho's services expenditures in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total dollar value of services purchased by households in the state of Idaho, including healthcare, utilities, transportation, and recreation.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the health of Idaho's economy and consumer demand for services, which is a key driver of economic growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this metric to assess the performance of the Idaho economy and make informed decisions about economic policies and investments.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Bureau of Economic Analysis, Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Idaho (IDPCEHCE), retrieved from FRED.