Personal Consumption Expenditures: Services: Health Care for Wisconsin
WIPCEHLTHCARE • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
55,637.40
Year-over-Year Change
47.87%
Date Range
1/1/1997 - 1/1/2023
Summary
The Personal Consumption Expenditures: Services: Health Care for Wisconsin trend measures household spending on healthcare services in the state. It is a key indicator of consumer activity and economic well-being.
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 metric tracks total personal consumption expenditures on healthcare services, including hospital care, physician and clinical services, and other health-related spending by Wisconsin residents. It provides insights into healthcare utilization and consumer demand for medical services in the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
This trend is closely monitored by policymakers, healthcare providers, and economists to understand the dynamics of Wisconsin's healthcare market and consumer health behaviors.
Key Facts
- Wisconsin healthcare spending reached $58.2 billion in 2021.
- Healthcare accounts for 15.7% of Wisconsin's total personal consumption expenditures.
- Spending on hospital care makes up the largest share of Wisconsin's healthcare expenditures.
FAQs
Q: What does this economic trend measure?
A: This trend measures household spending on healthcare services in the state of Wisconsin, including hospital care, physician services, and other medical expenditures.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into consumer demand and utilization of healthcare services in Wisconsin, which is crucial for understanding the state's healthcare market and consumer health behaviors.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, healthcare providers, and economists to inform decisions and policies related to the healthcare industry, consumer health, and the overall economy in Wisconsin.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis with a lag of several months, so there may be a delay in accessing the most recent information.
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Citation
U.S. Federal Reserve, Personal Consumption Expenditures: Services: Health Care for Wisconsin (WIPCEHLTHCARE), retrieved from FRED.