Personal Consumption Expenditures: Services: Other Services for North Dakota
NDPCEOSRV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,374.90
Year-over-Year Change
81.68%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Services: Other Services for North Dakota metric tracks consumer spending on a range of services in the state, providing insights into economic activity and household consumption patterns.
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 series measures personal consumption expenditures for other services in North Dakota, which includes categories like personal care, funeral expenses, and other miscellaneous services. It serves as an important indicator of consumer demand and confidence in the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive Personal Consumption Expenditures statistics.
Historical Context
Policymakers and analysts use this metric to assess North Dakota's economic conditions and consumer behavior.
Key Facts
- North Dakota's other services expenditures account for approximately 3% of total personal consumption in the state.
- This metric has shown steady growth over the past decade, reflecting the state's expanding service-based economy.
- Consumer spending on other services in North Dakota tends to be less volatile than spending on durable goods.
FAQs
Q: What does this economic trend measure?
A: This metric measures personal consumption expenditures for other services in North Dakota, including categories like personal care, funeral expenses, and other miscellaneous services.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into consumer demand and confidence in North Dakota's economy, which is valuable information for policymakers, businesses, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive Personal Consumption Expenditures statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess North Dakota's economic conditions and consumer behavior, which informs policy decisions and market strategies.
Q: Are there update delays or limitations?
A: The data is published on a regular schedule by the U.S. Bureau of Economic Analysis, with typical update delays of a few months.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Other Services for North Dakota (NDPCEOSRV), retrieved from FRED.