Personal Consumption Expenditures: Total for Rhode Island
RIPCE • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
61,337.80
Year-over-Year Change
62.89%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Total for Rhode Island measures the total spending by Rhode Island residents on goods and services. It is a key indicator of economic activity and consumer demand in the state.
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 tracks the total dollar value of all purchases made by Rhode Island residents, including spending on durable goods, nondurable goods, and services. It is a widely-used metric for understanding consumer behavior and the overall health of the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using surveys and economic modeling.
Historical Context
Policymakers and analysts use this metric to assess consumer confidence, guide fiscal and monetary policies, and forecast economic trends in Rhode Island.
Key Facts
- Rhode Island's total personal consumption expenditures were $67 billion in 2021.
- Consumer spending accounts for over 60% of Rhode Island's gross state product.
- The PCE index for Rhode Island has grown by an average of 2.3% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Personal Consumption Expenditures: Total for Rhode Island measures the total spending by Rhode Island residents on goods and services.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of consumer demand and economic activity in Rhode Island, providing valuable insights for policymakers, businesses, and economists.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess consumer confidence, guide fiscal and monetary policies, and forecast economic trends in Rhode Island.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months, and may be subject to revisions as more information becomes available.
Related Trends
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Total for Rhode Island (RIPCE), retrieved from FRED.