Regional Price Parities: Services: Other for Pennsylvania
PARPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
99.14
Year-over-Year Change
-0.26%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Other for Pennsylvania measures geographic differences in the prices of services-related goods and services outside of housing, utilities, and transportation. This data helps policymakers and analysts understand regional cost-of-living variations.
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 from the U.S. Bureau of Economic Analysis provides a regional price parity index that compares the purchasing power of a dollar in Pennsylvania relative to the national average. It is a key input for adjusting economic statistics to account for geographic price differences.
Methodology
The data is calculated based on surveys of prices for a representative basket of services goods and services.
Historical Context
Regional price parities are used to adjust income, GDP, and other economic measures for cost-of-living differences across states and metropolitan areas.
Key Facts
- Pennsylvania's services price index was 97.5 in 2020, indicating costs 2.5% below the national average.
- Accounting for geographic price differences is crucial for accurately comparing economic statistics across regions.
- The regional price parity data series has been published annually by BEA since 2008.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: Services: Other for Pennsylvania measures geographic differences in the prices of services-related goods and services outside of housing, utilities, and transportation.
Q: Why is this trend relevant for users or analysts?
A: This data helps policymakers and analysts understand regional cost-of-living variations, which is crucial for adjusting economic statistics to account for geographic price differences.
Q: How is this data collected or calculated?
A: The data is calculated based on surveys of prices for a representative basket of services goods and services.
Q: How is this trend used in economic policy?
A: Regional price parities are used to adjust income, GDP, and other economic measures for cost-of-living differences across states and metropolitan areas.
Q: Are there update delays or limitations?
A: The regional price parity data series has been published annually by the Bureau of Economic Analysis since 2008.
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Citation
U.S. Bureau of Economic Analysis, Regional Price Parities: Services: Other for Pennsylvania (PARPPSERVEOTH), retrieved from FRED.