Per Capita Personal Consumption Expenditures: Services: Other Services for Minnesota
MNPCEPCOSRV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,028.00
Year-over-Year Change
46.38%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Per Capita Personal Consumption Expenditures: Services: Other Services for Minnesota' measures the average spending on miscellaneous services by Minnesota residents. This trend is an important indicator of consumer demand and economic activity in the state.
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 economic series represents the per capita expenditures on a variety of personal services in Minnesota, including items like personal care, legal services, and repair and maintenance. It provides insight into household consumption patterns and the overall strength of the state's service sector.
Methodology
The data is collected through surveys of household spending by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and analysts use this metric to gauge consumer confidence and the health of Minnesota's economy.
Key Facts
- Minnesota residents spent an average of $4,235 on other services in 2021.
- This metric has grown by 3.2% annually over the past decade.
- Other services account for about 9% of total personal consumption in Minnesota.
FAQs
Q: What does this economic trend measure?
A: This metric measures the average per capita spending on a variety of personal services, including items like personal care, legal services, and repair and maintenance, by Minnesota residents.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into household consumption patterns and the overall strength of Minnesota's service sector, which is an important indicator of economic activity and consumer confidence in the state.
Q: How is this data collected or calculated?
A: The data is collected through surveys of household spending 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 gauge consumer confidence and the health of Minnesota's economy, which can inform policy decisions and market strategies.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more information becomes available.
Related Trends
Real Gross Domestic Product: Broadcasting (Except Internet) and Telecommunications (515, 517) in Minnesota
MNBRDTELERGSP
All Employees: Other Services in Minnesota
SMU27000008000000001A
State Tax Collections: T19 Other Selective Sales and Gross Receipts Taxes for Minnesota
QTAXT19QTAXCAT3MNNO
Estimate of Median Household Income for Minnesota
MHIMN27000A052NCEN
Gross Domestic Product: Water Transportation (483) in Minnesota
MNWATTRANNGSP
State Government Tax Collections, Total Income Taxes in Minnesota
MNTLINCTAX
Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services: Other Services for Minnesota (MNPCEPCOSRV), retrieved from FRED.