Personal Consumption Expenditures: Services for Maine
MEPCESRV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
56,212.40
Year-over-Year Change
72.19%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Services for Maine measure tracks consumer spending on services in the state of Maine. This trend is a key indicator of economic activity and consumer demand.
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 metric represents the total dollar value of services purchased by Maine consumers, including categories like healthcare, recreation, transportation, and utilities. It is an important gauge of the state's economic health and consumer confidence.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and analysts use this trend to understand spending patterns and forecast economic trends in Maine.
Key Facts
- Maine's services spending accounts for over 60% of total personal consumption.
- Services spending has grown by an average of 4% annually in Maine over the past decade.
- Healthcare is the largest services category, comprising 30% of total Maine PCE.
FAQs
Q: What does this economic trend measure?
A: The Personal Consumption Expenditures: Services for Maine metric tracks consumer spending on services within the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: This trend is an important indicator of economic activity and consumer demand in Maine, providing insights for policymakers and businesses.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to understand spending patterns and forecast economic trends in Maine.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of approximately 2-3 months.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services for Maine (MEPCESRV), retrieved from FRED.