Regional Price Parities: Services: Other: Nonmetropolitan Portion for Massachusetts
MANMPRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
101.58
Year-over-Year Change
1.91%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Other: Nonmetropolitan Portion for Massachusetts measures the cost of services relative to the national average in nonmetropolitan areas of the state. This metric is important for economists and policymakers to understand regional cost-of-living differences.
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 index tracks the purchasing power of consumers in nonmetropolitan areas of Massachusetts compared to the national average. It provides insights into how the costs of various services, excluding housing, vary across different regions of the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a proprietary methodology.
Historical Context
This metric is used to inform policy decisions and economic analyses related to regional economic disparities.
Key Facts
- Massachusetts nonmetropolitan services costs are 87.4% of the national average.
- This index has increased by 2.1% over the past year.
- Nonmetropolitan areas account for 14% of Massachusetts' population.
FAQs
Q: What does this economic trend measure?
A: This trend measures the relative cost of services, excluding housing, in nonmetropolitan areas of Massachusetts compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into regional cost-of-living differences, which is crucial for understanding economic disparities and informing policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a proprietary methodology.
Q: How is this trend used in economic policy?
A: This index is used by economists, policymakers, and institutions to analyze regional economic conditions and inform decisions related to cost-of-living adjustments, program targeting, and economic development strategies.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, and may not capture rapid, short-term changes in regional service costs.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other: Nonmetropolitan Portion for Massachusetts (MANMPRPPSERVEOTH), retrieved from FRED.