Per Capita Personal Consumption Expenditures: Services for South Dakota
SDPCEPCSRV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36,529.00
Year-over-Year Change
64.01%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures per capita personal consumption expenditures on services in South Dakota. It provides insight into consumer spending patterns and the state's economic 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
Per capita personal consumption expenditures on services is a key indicator of consumer demand and the overall health of South Dakota's economy. It tracks the average amount spent by residents on services such as healthcare, transportation, and recreation.
Methodology
The data is collected through surveys of households and businesses by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is closely monitored by policymakers, economists, and investors to assess South Dakota's economic performance and consumer confidence.
Key Facts
- South Dakota's per capita personal consumption expenditures on services reached $37,921 in 2021.
- This trend has grown at an average annual rate of 3.2% over the past 10 years.
- Services account for over 60% of total personal consumption expenditures in South Dakota.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average amount spent by residents of South Dakota on services such as healthcare, transportation, and recreation.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into consumer demand and the overall health of South Dakota's economy, making it a closely watched indicator by policymakers, economists, and investors.
Q: How is this data collected or calculated?
A: The data is collected through surveys of households and businesses by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess consumer confidence, predict economic growth, and inform policy decisions in South Dakota.
Q: Are there update delays or limitations?
A: This data is typically released with a few months' delay and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Services for South Dakota (SDPCEPCSRV), retrieved from FRED.