Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Ohio
OHPCEPCVEH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,171.00
Year-over-Year Change
86.03%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures per capita personal consumption expenditures on durable goods, specifically motor vehicles and parts, in the state of Ohio. It provides insights into consumer demand and economic activity within this key industry.
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 Ohio series represents the average amount spent by Ohio residents on durable goods related to motor vehicles and parts. This metric is used by economists and policymakers to gauge consumer confidence and spending patterns in the automobile market.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on consumer surveys and industry reports.
Historical Context
Trends in this metric can inform decisions by automakers, retailers, and policymakers regarding production, inventory, and economic policies.
Key Facts
- Ohio's per capita spending on motor vehicles and parts was $4,678 in 2021.
- This metric has shown a steady increase over the past decade, reflecting growing consumer demand.
- The COVID-19 pandemic caused a temporary decline in 2020 before a rebound in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average amount spent per person in Ohio on durable goods related to motor vehicles and parts, providing insights into consumer demand in the automotive industry.
Q: Why is this trend relevant for users or analysts?
A: Trends in per capita motor vehicle and parts expenditures are important for understanding consumer spending patterns, which can inform decisions by automakers, retailers, and policymakers.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on consumer surveys and industry reports.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess consumer confidence and spending in the automotive industry, which can inform economic policies and decisions.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a slight delay, and may be subject to revisions as additional information becomes available.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Ohio (OHPCEPCVEH), retrieved from FRED.