Per Capita Personal Consumption Expenditures: Total for Rhode Island
RIPCEPC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
55,967.00
Year-over-Year Change
57.36%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic indicator measures the average amount spent by Rhode Island residents on personal consumption, including goods and services. It's a key metric for understanding consumer demand and spending patterns 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
Per Capita Personal Consumption Expenditures (PCEPC) tracks the total value of goods and services purchased by Rhode Island residents, divided by the state's population. This provides insight into consumer spending behaviors and trends that are highly relevant for policymakers and businesses.
Methodology
The U.S. Bureau of Economic Analysis calculates PCEPC by combining personal consumption expenditure data with population estimates for Rhode Island.
Historical Context
PCEPC data is widely used to assess the economic health and consumer confidence of Rhode Island, informing decisions by businesses, governments, and investors.
Key Facts
- PCEPC reached a record high of $53,843 in Q4 2021.
- Consumption spending makes up over 65% of Rhode Island's GDP.
- PCEPC growth is a reliable leading indicator of state economic performance.
FAQs
Q: What does this economic trend measure?
A: PCEPC tracks the average amount spent by Rhode Island residents on personal consumption, including goods and services such as food, housing, healthcare, and entertainment.
Q: Why is this trend relevant for users or analysts?
A: PCEPC provides crucial insights into consumer demand and spending patterns in Rhode Island, which are highly relevant for businesses, policymakers, and investors looking to understand the state's economic conditions.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates PCEPC by combining personal consumption expenditure data with population estimates for Rhode Island.
Q: How is this trend used in economic policy?
A: PCEPC data is widely used by economists, policymakers, and businesses to assess the health of Rhode Island's economy and consumer confidence, informing decisions on fiscal, monetary, and investment strategies.
Q: Are there update delays or limitations?
A: PCEPC data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month delay. The data may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Total for Rhode Island (RIPCEPC), retrieved from FRED.