Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Maryland
MDPCEPCVEH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,953.00
Year-over-Year Change
55.49%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures per capita personal consumption expenditures on durable goods, specifically motor vehicles and parts, for the state of Maryland. It provides insights into consumer demand and spending patterns in the automotive sector.
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: Goods: Durable Goods: Motor Vehicles and Parts for Maryland series tracks the average household spending on motor vehicles and related products within the state. This data is used by economists and policymakers to analyze consumer behavior and its impact on the local economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on consumer surveys and other economic indicators.
Historical Context
This trend is closely monitored by automotive industry analysts and policymakers to understand consumer demand and guide economic decision-making.
Key Facts
- Maryland's per capita spending on motor vehicles and parts was $3,425 in 2021.
- This trend has shown an average annual growth of 2.8% over the past decade.
- Durable goods account for approximately 25% of total personal consumption expenditures in Maryland.
FAQs
Q: What does this economic trend measure?
A: This trend measures per capita personal consumption expenditures on durable goods, specifically motor vehicles and parts, for the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into consumer demand and spending patterns in the automotive sector, which is crucial for understanding the local economy and guiding decision-making.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on consumer surveys and other economic indicators.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by automotive industry analysts and policymakers to understand consumer demand and guide economic decision-making.
Q: Are there update delays or limitations?
A: The data is typically released with a 2-3 month delay, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Maryland (MDPCEPCVEH), retrieved from FRED.