Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Minnesota
MNPCEHCE • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
208,872.30
Year-over-Year Change
64.91%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Minnesota measures consumer spending on services within the state. 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 tracks household consumption of services, which make up a significant portion of overall economic activity. It provides insights into consumer behavior and the health of the service sector in Minnesota.
Methodology
The data is collected through surveys of households and businesses by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and analysts use this trend to assess the strength of the Minnesota economy and consumer confidence.
Key Facts
- Minnesota's service sector accounts for over 70% of its GDP.
- Consumer spending on services has grown faster than spending on goods in recent years.
- The COVID-19 pandemic had a significant impact on service sector activity in Minnesota.
FAQs
Q: What does this economic trend measure?
A: This trend measures household consumption expenditures on services within the state of Minnesota. It provides insights into consumer demand and activity in the service sector.
Q: Why is this trend relevant for users or analysts?
A: This trend is a key indicator of economic health and consumer confidence in Minnesota. It helps policymakers and analysts assess the strength of the state's service-based economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of households and businesses by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to monitor the strength of consumer demand and the service sector in Minnesota, which informs economic policies and forecasts.
Q: Are there update delays or limitations?
A: The data is typically released with a 1-2 month delay. There may also be revisions to historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Minnesota (MNPCEHCE), retrieved from FRED.