Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Ohio
OHPROBUSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
133.54
Year-over-Year Change
47.15%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Ohio measures the real economic output of this sector in the state. It is a key indicator of productivity and growth in Ohio's professional services industries.
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 index tracks the real, inflation-adjusted value of goods and services produced by professional, scientific, technical, management, administrative, and waste management businesses in Ohio. It is a useful metric for assessing the overall health and competitiveness of the state's knowledge-based economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its state-level GDP estimates.
Historical Context
Policymakers and analysts monitor this index to gauge the performance of Ohio's professional services sector and its contribution to the state's economic growth.
Key Facts
- Ohio's professional services sector accounts for over 20% of the state's total GDP.
- The index has grown by an average of 2.5% annually over the past decade.
- This sector employs more than 1 million workers in Ohio, or about 20% of the state's total employment.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Ohio measures the real, inflation-adjusted economic output of this sector in the state.
Q: Why is this trend relevant for users or analysts?
A: This index is a key indicator of productivity and growth in Ohio's knowledge-based professional services industries, which are a major driver of the state's economy.
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 state-level GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this index to gauge the performance of Ohio's professional services sector and its contribution to the state's overall economic growth.
Q: Are there update delays or limitations?
A: The index data is published quarterly with a lag of several months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Ohio (OHPROBUSQGSP), retrieved from FRED.