Personal Consumption Expenditures: Services: Health Care for Illinois
ILPCEHLTHCARE • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
115,939.80
Year-over-Year Change
58.67%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend tracks personal consumption expenditures (PCE) on health care services in Illinois. It provides crucial insights into consumer spending on healthcare, a key component of the state's 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
The Personal Consumption Expenditures: Services: Health Care for Illinois series measures the value of health care services purchased by Illinois residents. It is an important indicator of consumer demand and a key input for economic analysis and policymaking.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys of households and businesses.
Historical Context
This metric is widely used by economists, policymakers, and market analysts to assess the health of Illinois' consumer economy and healthcare sector.
Key Facts
- Illinois residents spent over $150 billion on healthcare services in 2021.
- Health care accounts for nearly 20% of personal consumption expenditures in Illinois.
- Illinois' healthcare spending has grown by over 30% in the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total value of health care services purchased by consumers in Illinois, including hospital care, physician services, and other medical expenses.
Q: Why is this trend relevant for users or analysts?
A: The Personal Consumption Expenditures: Services: Health Care for Illinois series provides crucial insights into consumer demand and spending patterns in the state's healthcare sector, which is a major driver of economic activity.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys of households and businesses in Illinois.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the health of Illinois' consumer economy, make informed decisions about healthcare policy, and forecast future economic trends.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of approximately 3 months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Health Care for Illinois (ILPCEHLTHCARE), retrieved from FRED.