Per Capita Personal Consumption Expenditures: Services: Financial Services and Insurance for Minnesota
MNPCEPCFININS • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,555.00
Year-over-Year Change
55.25%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Per Capita Personal Consumption Expenditures: Services: Financial Services and Insurance for Minnesota' trend measures the per-person spending on financial services and insurance in the state of Minnesota. This metric is crucial for understanding consumer behavior and the strength of the local financial 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
This trend represents the average amount that Minnesota residents spend on financial services and insurance, such as banking, investments, and insurance premiums. It is an important indicator of the state's economic health and the financial well-being of its population.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Historical Context
Policymakers and economists use this trend to assess the financial stability and spending patterns of Minnesota residents, informing decisions about economic policies and market regulations.
Key Facts
- Minnesota residents spent an average of $5,300 on financial services and insurance in 2021.
- Financial services and insurance account for 8.2% of total personal consumption expenditures in Minnesota.
- This trend has grown by 4.7% annually over the past 5 years in Minnesota.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average per-person spending on financial services and insurance, such as banking, investments, and insurance premiums, by residents of the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend is a crucial indicator of the financial well-being and spending patterns of Minnesota residents, providing insights into the strength of the local financial sector and the overall economic health of the state.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the financial stability and spending patterns of Minnesota residents, informing decisions about economic policies and market regulations.
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.
Related Trends
All Employees: Accounting, Tax Preparation, Bookkeeping, and Payroll Services in Minnesota
SMU27000006054120001A
Residential Carbon Dioxide Emissions, Coal for Minnesota
EMISSCO2TOTVRCCOMNA
Leading Index for Minnesota
MNSLIND
Real Per Capita Personal Income: Nonmetropolitan Portion for Minnesota
MNNMPRPIPC
State Government Tax Collections, Occupation and Business Licenses in Minnesota
MNBUSLICTAX
Real Gross Domestic Product: Manufacturing (31-33) in Minnesota
MNMANRQGSP
Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services: Financial Services and Insurance for Minnesota (MNPCEPCFININS), retrieved from FRED.