Per Capita Personal Consumption Expenditures: Services: Financial Services and Insurance for Maryland
MDPCEPCFININS • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,704.00
Year-over-Year Change
38.26%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures per capita personal consumption expenditures on financial services and insurance in the state of Maryland. It provides insights into consumer spending and financial activity within 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
The Per Capita Personal Consumption Expenditures: Services: Financial Services and Insurance for Maryland metric tracks consumer spending on a range of financial services, including banking, investments, and insurance, on a per capita basis for the state. This data point is used by economists and policymakers to analyze consumer behavior and financial sector performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using personal consumption expenditure surveys and economic census information.
Historical Context
This trend is relevant for understanding the health of Maryland's financial services industry and consumer demand for related products and services.
Key Facts
- Maryland's per capita financial services spending was $6,372 in 2021.
- This metric has grown by 3.2% annually over the past 5 years.
- Financial services account for 8.1% of total personal consumption in Maryland.
FAQs
Q: What does this economic trend measure?
A: This trend measures per capita personal consumption expenditures on financial services and insurance products in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into consumer demand and spending in Maryland's financial services sector, which is important for understanding economic activity and consumer behavior within the state.
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 consumption expenditure surveys and economic census information.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and financial institutions to analyze consumer financial activity and make informed decisions about the state's economic and regulatory environment.
Q: Are there update delays or limitations?
A: The data is typically published with a 3-month lag and may be subject to periodic revisions by the collecting agency.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services: Financial Services and Insurance for Maryland (MDPCEPCFININS), retrieved from FRED.