Gross Domestic Product: Social Assistance (624) in Montana
MTSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
456.30
Year-over-Year Change
84.44%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Social Assistance (624) in Montana measure tracks the economic output of the social assistance industry in the state. This metric is important for understanding the role of the social services sector in Montana's overall 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
The Gross Domestic Product: Social Assistance (624) in Montana represents the total economic value added by businesses and organizations providing social assistance services, including individual and family services, community food and housing, and vocational rehabilitation. This data point is a key indicator of the health and contribution of Montana's social services industry.
Methodology
This data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its Gross Domestic Product by State program.
Historical Context
Policymakers and economic analysts use this data to assess the economic impact of the social assistance sector and its role in Montana's overall economic performance.
Key Facts
- Social assistance accounted for 2.3% of Montana's GDP in 2021.
- The social assistance sector in Montana employed over 19,000 workers in 2021.
- GDP from social assistance in Montana grew by 4.2% in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output or value added by the social assistance industry in the state of Montana, including services such as individual and family assistance, community food and housing, and vocational rehabilitation.
Q: Why is this trend relevant for users or analysts?
A: This data point is important for understanding the role and contribution of the social services sector to Montana's overall economic performance and growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its Gross Domestic Product by State program.
Q: How is this trend used in economic policy?
A: Policymakers and economic analysts use this data to assess the economic impact of the social assistance sector and its role in Montana's overall economic performance, which can inform policy decisions and resource allocation.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Social Assistance (624) in Montana (MTSOCASSNGSP), retrieved from FRED.