Per Capita Personal Consumption Expenditures: Services: Other Services for North Dakota
NDPCEPCOSRV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,305.00
Year-over-Year Change
59.27%
Date Range
1/1/1997 - 1/1/2023
Summary
The Per Capita Personal Consumption Expenditures: Services: Other Services for North Dakota trend measures consumer spending on various services in the state, excluding healthcare and housing. This metric is closely watched by economists to gauge overall economic health 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 economic indicator tracks North Dakota residents' spending on a range of services such as personal care, legal and financial services, and recreation. It provides insights into consumer behavior and the state's service-sector activity, which is an important driver of economic growth.
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 metric to assess consumer confidence and make informed decisions about fiscal and monetary policies.
Key Facts
- North Dakota's per capita services spending was $5,542 in 2021.
- This metric has grown by an average of 3.2% annually over the past decade.
- Other services account for about 20% of total personal consumption expenditures in North Dakota.
FAQs
Q: What does this economic trend measure?
A: This trend measures North Dakota residents' per capita spending on a range of services, excluding healthcare and housing.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into consumer behavior and the health of North Dakota's service sector, which is a key driver of economic growth in the state.
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 metric to assess consumer confidence and make informed decisions about fiscal and monetary policies in North Dakota.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services: Other Services for North Dakota (NDPCEPCOSRV), retrieved from FRED.