Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Rhode Island
RIPCEPCVEH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,941.00
Year-over-Year Change
62.56%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures personal consumption expenditures on durable goods, specifically motor vehicles and parts, per capita in Rhode Island. It provides insights into 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
The Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Rhode Island metric tracks consumer spending on automobiles, trucks, and related products within the state. This data is used by economists and policymakers to analyze trends in consumer behavior and the overall health of the state's economy.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and other statistical methods.
Historical Context
This trend is relevant for understanding consumer confidence, retail sales, and the performance of the automotive industry in Rhode Island.
Key Facts
- Rhode Island's per capita spending on motor vehicles and parts was $2,860 in 2021.
- Durable goods account for about one-third of total personal consumption expenditures in Rhode Island.
- Motor vehicle sales are a key indicator of consumer confidence in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures personal consumption expenditures on durable goods, specifically motor vehicles and parts, per capita in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into consumer demand and spending patterns in Rhode Island, which is important for understanding the state's economic health and performance of the automotive industry.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys and other statistical methods.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze consumer behavior and the overall performance of the Rhode Island economy, which can inform economic policies and decisions.
Q: Are there update delays or limitations?
A: The data is typically updated quarterly by the U.S. Bureau of Economic Analysis, and there may be some delays in the availability of the most recent figures.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Rhode Island (RIPCEPCVEH), retrieved from FRED.