Personal Consumption Expenditures: Services: Food Services and Accommodations for Illinois
ILPCEFDSRVACCMD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
51,192.50
Year-over-Year Change
83.21%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures personal consumption expenditures on food services and accommodations in Illinois. It provides insights into consumer spending patterns and the health of the local hospitality industry.
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: Services: Food Services and Accommodations for Illinois series tracks consumer spending on restaurant meals, hotel stays, and other hospitality services within the state. This data is used by economists and policymakers to analyze consumer behavior and the strength of the local service sector.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys of businesses and households.
Historical Context
This trend is relevant for understanding the Illinois economy and consumer spending habits, which can inform fiscal and monetary policy decisions.
Key Facts
- Illinois accounts for approximately 4% of total U.S. personal consumption expenditures.
- Food services and accommodations make up around 10% of Illinois' total personal consumption expenditures.
- Consumer spending on food services and accommodations in Illinois has grown by 3% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures personal consumption expenditures on food services and accommodations within the state of Illinois. It captures consumer spending on restaurant meals, hotel stays, and other hospitality services.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into consumer behavior and the health of Illinois' hospitality industry, which is an important sector of the state's economy. It can inform economic analysis and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys of businesses and households.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to understand consumer spending patterns and the performance of the hospitality industry, which can inform fiscal and monetary policy decisions.
Q: Are there update delays or limitations?
A: There may be a 1-2 month delay in the release of this data, and it is subject to periodic revisions by the collecting agency.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Food Services and Accommodations for Illinois (ILPCEFDSRVACCMD), retrieved from FRED.