Personal Consumption Expenditures: Services: Food Services and Accommodations for Rhode Island
RIPCEFDSRVACCMD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,283.60
Year-over-Year Change
109.39%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures personal consumption expenditures on food services and accommodations in Rhode Island. It provides insights into consumer spending patterns and the state's service sector activity.
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 Personal Consumption Expenditures: Services: Food Services and Accommodations for Rhode Island measures household spending on meals away from home, hotel stays, and other related services within the state. It is a key indicator of consumer confidence and the health of Rhode Island's hospitality industry.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is closely monitored by policymakers, businesses, and economists to gauge Rhode Island's economic performance and consumer behavior.
Key Facts
- This trend has been recorded since 1997.
- Spending on food services and accommodations account for about 10% of total personal consumption in Rhode Island.
- The trend experienced a sharp decline during the COVID-19 pandemic due to lockdowns and travel restrictions.
FAQs
Q: What does this economic trend measure?
A: This trend measures household spending on food services, such as restaurants and bars, as well as accommodations like hotels and motels, in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into consumer behavior and the health of Rhode Island's service sector, which is a critical component of the state's economy. It is closely watched by policymakers, businesses, and economists to gauge economic conditions.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the state of Rhode Island's economy, consumer confidence, and the performance of the hospitality industry. It informs policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, but there may be a lag of several weeks or months before the latest figures are made available.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Food Services and Accommodations for Rhode Island (RIPCEFDSRVACCMD), retrieved from FRED.