Per Capita Personal Consumption Expenditures: Services for Illinois
ILPCEPCSRV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39,829.00
Year-over-Year Change
64.24%
Date Range
1/1/1997 - 1/1/2023
Summary
Per Capita Personal Consumption Expenditures (PCE) for Services in Illinois measures consumer spending on services by Illinois residents. It is a key indicator of economic activity and consumer confidence.
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
PCE Services represents the value of services consumed by Illinois residents, such as healthcare, transportation, and recreation. It is used by policymakers and analysts to assess household spending patterns and the broader economic health of the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on surveys of consumer expenditures.
Historical Context
Changes in PCE Services can signal shifts in consumer demand and inform policy decisions at the state level.
Key Facts
- Illinois PCE Services reached a record high in 2021.
- Services account for over 60% of total personal consumption in Illinois.
- Healthcare is the largest component of Illinois PCE Services.
FAQs
Q: What does this economic trend measure?
A: The Per Capita Personal Consumption Expenditures (PCE) for Services in Illinois measures the value of services consumed by Illinois residents, such as healthcare, transportation, and recreation.
Q: Why is this trend relevant for users or analysts?
A: Changes in Illinois PCE Services are a key indicator of consumer spending and economic activity in the state, which is valuable information for policymakers, businesses, and analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on surveys of consumer expenditures.
Q: How is this trend used in economic policy?
A: Trends in Illinois PCE Services can inform state-level economic policy decisions, as changes in consumer spending on services can signal shifts in demand and the broader health of the state's economy.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, and there may be a lag of several months between the reference period and the data release.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services for Illinois (ILPCEPCSRV), retrieved from FRED.