Per Capita Personal Consumption Expenditures: Services: Other Services for Massachusetts
MAPCEPCOSRV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,241.00
Year-over-Year Change
61.98%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Per Capita Personal Consumption Expenditures: Services: Other Services for Massachusetts' series measures household spending on miscellaneous services in Massachusetts. It is a key indicator of consumer activity and economic well-being 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 economic indicator tracks personal consumption expenditures for services other than housing, healthcare, transportation, and recreation in Massachusetts. It provides insight into discretionary consumer spending patterns and the overall strength of the state's service economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using personal income and population estimates.
Historical Context
Policymakers and analysts use this metric to assess the health of Massachusetts' consumer sector and make informed economic decisions.
Key Facts
- Massachusetts per capita other services spending was $3,289 in 2021.
- This metric has grown by 19% over the past decade in Massachusetts.
- Other services include personal care, funeral, and household maintenance expenses.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks personal consumption expenditures for miscellaneous services in Massachusetts, excluding housing, healthcare, transportation, and recreation.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into discretionary consumer spending patterns and the overall strength of Massachusetts' service economy, which is crucial for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using personal income and population estimates for Massachusetts.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health of Massachusetts' consumer sector and make informed decisions about economic policies and interventions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services: Other Services for Massachusetts (MAPCEPCOSRV), retrieved from FRED.