Gross Domestic Product: Finance and Insurance (52) in Pennsylvania
Annual, Not Seasonally Adjusted
PAFININSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
70,175.50
Year-over-Year Change
80.03%
Date Range
1/1/1997 - 1/1/2024
Summary
The Annual, Not Seasonally Adjusted trend measures personal consumption expenditures on financial services and insurance in the United States. This metric is a key indicator of consumer financial activity and sentiment.
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 represents total expenditures by consumers on financial services, which includes fees paid for banking, investment, and insurance services. It provides insight into how much households are spending on managing their finances and mitigating risks.
Methodology
The data is collected through the Bureau of Economic Analysis's Personal Consumption Expenditures survey.
Historical Context
This trend is closely watched by economists and policymakers to gauge the health of the financial services industry and consumer confidence.
Key Facts
- Consumer spending on financial services accounts for over 2% of total personal consumption expenditures.
- The trend has seen steady growth over the past decade, reflecting the increasing role of financial services in household budgets.
- Fluctuations in this metric can signal changes in consumer confidence and financial market conditions.
FAQs
Q: What does this economic trend measure?
A: This trend measures total personal consumption expenditures on financial services and insurance in the United States. It provides insight into consumer spending on activities like banking, investment management, and insurance.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of consumer financial activity and sentiment. Trends in financial services spending can signal changes in household confidence, financial market conditions, and the overall health of the financial industry.
Q: How is this data collected or calculated?
A: The data is collected through the Bureau of Economic Analysis's Personal Consumption Expenditures survey.
Q: How is this trend used in economic policy?
A: Economists and policymakers closely monitor this trend to gauge consumer behavior and financial market conditions. It provides insight that can inform monetary and fiscal policies aimed at promoting economic stability and growth.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis with a lag of approximately one month. There may also be revisions to previously reported figures as more complete information becomes available.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (PAFININSNGSP), retrieved from FRED.