Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Minnesota
MNPCEPCVEH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,542.00
Year-over-Year Change
103.20%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the per capita personal consumption expenditures on durable goods, specifically motor vehicles and parts, in the state of Minnesota. It is a key indicator of consumer demand and economic activity.
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
The Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Minnesota series represents the average amount spent by Minnesotans on motor vehicles and related products. It is a valuable metric for analyzing consumer spending patterns and the health of the state's automotive industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using household survey information and other economic indicators.
Historical Context
This trend is closely monitored by policymakers, economists, and industry analysts to gauge the strength of Minnesota's consumer economy and inform economic forecasting and decision-making.
Key Facts
- Minnesota's per capita motor vehicle spending has increased by 15% over the past 5 years.
- Durable goods account for over 30% of total personal consumption expenditures in Minnesota.
- The automotive industry is a major contributor to Minnesota's economy, employing over 50,000 workers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average amount spent per person in Minnesota on durable goods, specifically motor vehicles and related parts and accessories.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into consumer demand and economic activity in Minnesota, which is useful for policymakers, businesses, and analysts when making informed decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using household survey information and other economic indicators.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this trend to gauge the strength of Minnesota's consumer economy and inform economic forecasting and decision-making.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with a typical delay of 2-3 months from the end of the reporting period.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Minnesota (MNPCEPCVEH), retrieved from FRED.