Regional Price Parities: Goods: Metropolitan Portion for Utah
UTMPRPPGOOD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
93.02
Year-over-Year Change
-7.15%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Goods: Metropolitan Portion for Utah measures the relative purchasing power of consumers in Utah's metropolitan areas compared to the national average.
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 indicator provides insights into the cost of living in Utah's urban areas, which is valuable for businesses, policymakers, and individuals making economic decisions. It allows for more accurate comparisons of real incomes and standards of living across different regions.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on surveys of consumer prices.
Historical Context
This metric is used to adjust economic data and make informed policy decisions regarding cost-of-living differences.
Key Facts
- Utah's metropolitan area goods prices are 93.1% of the national average.
- The Regional Price Parity is one of the key indicators used to adjust economic data for regional price differences.
- This metric can inform decisions about wages, benefits, and cost-of-living adjustments.
FAQs
Q: What does this economic trend measure?
A: The Regional Price Parities: Goods: Metropolitan Portion for Utah measures the relative cost of a basket of consumer goods in Utah's metropolitan areas compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the cost of living in Utah's urban areas, which is relevant for businesses, policymakers, and individuals making economic decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on surveys of consumer prices.
Q: How is this trend used in economic policy?
A: This metric is used to adjust economic data and make informed policy decisions regarding cost-of-living differences between regions.
Q: Are there update delays or limitations?
A: The data is published annually with a delay of approximately one year.
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Citation
U.S. Federal Reserve, Regional Price Parities: Goods: Metropolitan Portion for Utah (UTMPRPPGOOD), retrieved from FRED.