Personal Consumption Expenditures: Total for Illinois
ILPCE • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
732,059.20
Year-over-Year Change
60.90%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Total for Illinois metric measures the total spending by Illinois residents on goods and services. It is a key indicator of economic activity and consumer demand 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 series represents the total dollar value of all personal consumption expenditures by Illinois residents. It encompasses spending on durable goods, nondurable goods, and services, providing a comprehensive view of consumer activity in the state.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Historical Context
Economists and policymakers closely monitor this metric to assess the health of the Illinois economy and consumer confidence.
Key Facts
- Illinois is the 6th largest state economy in the U.S.
- Consumer spending accounts for over 65% of Illinois's GDP.
- The Personal Consumption Expenditures metric has shown steady growth in Illinois over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Personal Consumption Expenditures: Total for Illinois metric measures the total spending by Illinois residents on goods and services.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of economic activity and consumer demand in Illinois, providing insights into the health of the state's economy.
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: Economists and policymakers closely monitor this metric to assess the health of the Illinois economy and consumer confidence, which informs economic and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a delay of approximately three months.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Total for Illinois (ILPCE), retrieved from FRED.