Personal Consumption Expenditures: Services: Food Services and Accommodations for Utah
UTPCEFDSRVACCMD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
11,187.70
Year-over-Year Change
132.60%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures spending on food services and accommodations in Utah, which is an important component of personal consumption expenditures and a key indicator of consumer behavior and economic activity 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 Personal Consumption Expenditures: Services: Food Services and Accommodations for Utah measures the value of consumer spending on dining, lodging, and related services within the state. It provides insights into Utahns' spending patterns and the health of the local hospitality industry.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and analysts use this trend to assess economic conditions and make informed decisions.
Key Facts
- Utah's food services and accommodations spending reached $10.2 billion in 2021.
- This sector accounts for over 10% of Utah's total personal consumption expenditures.
- Spending in this category declined sharply during the COVID-19 pandemic but has since rebounded.
FAQs
Q: What does this economic trend measure?
A: This trend measures consumer spending on dining, lodging, and related services in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the health of Utah's hospitality industry and consumer behavior, which are important for policymakers and businesses to monitor.
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 economic conditions in Utah and make informed decisions about fiscal, monetary, and regulatory policies.
Q: Are there update delays or limitations?
A: There may be lags in data reporting, and the trend may not capture all economic activity in the sector.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Food Services and Accommodations for Utah (UTPCEFDSRVACCMD), retrieved from FRED.