Personal Consumption Expenditures: Services for Maryland
MDPCESRV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
238,372.40
Year-over-Year Change
54.13%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Services for Maryland trend measures consumer spending on services in the state of Maryland. This key economic indicator provides insights into the health of the Maryland economy.
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 series represents the dollar value of services purchased by Maryland residents, including spending on healthcare, transportation, recreation, and other service sectors. Economists and policymakers use this data to analyze consumer demand and the broader economic landscape.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and estimates.
Historical Context
This metric is used to inform economic and fiscal policy decisions at the state and federal level.
Key Facts
- Maryland's personal consumption expenditures on services totaled $304 billion in 2021.
- Services account for over 65% of total consumer spending in Maryland.
- The services sector is the largest contributor to Maryland's GDP.
FAQs
Q: What does this economic trend measure?
A: The Personal Consumption Expenditures: Services for Maryland trend measures consumer spending on services in the state of Maryland, including healthcare, transportation, recreation, and other service sectors.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the health of the Maryland economy and consumer demand, which is important for economic policymakers and analysts.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys and estimates.
Q: How is this trend used in economic policy?
A: This metric is used to inform economic and fiscal policy decisions at the state and federal level, as it reflects the strength of consumer spending and the services sector in Maryland.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services for Maryland (MDPCESRV), retrieved from FRED.