Chain-Type Quantity Index for Real GDP: Health Care and Social Assistance (62) in Alabama
ALHLTHSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
123.17
Year-over-Year Change
40.82%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Health Care and Social Assistance (62) in Alabama measures the volume of economic output in the health care and social assistance sector of Alabama's economy. This metric is important for economists and policymakers to assess the health and growth of this critical industry.
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 volume of GDP generated by the health care and social assistance industry in Alabama. It provides a measure of the underlying physical quantity of economic activity, rather than just nominal dollar values. Analysts use this data to evaluate the sector's performance and its contribution to the state's overall economic growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula that adjusts for price changes over time.
Historical Context
Policymakers and industry groups closely monitor this metric to understand trends in a key service-providing sector of the Alabama economy.
Key Facts
- Alabama's health care and social assistance sector accounts for over 12% of the state's total GDP.
- This index has grown by an average of 2.5% annually over the past 10 years.
- The COVID-19 pandemic caused a 4.1% decline in the index in 2020 before a 3.9% rebound in 2021.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Health Care and Social Assistance (62) in Alabama measures the real, inflation-adjusted volume of economic output from the health care and social assistance industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and growth of a critical service-providing sector in Alabama's economy, which is important for policymakers, industry groups, and economic analysts to monitor.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula that adjusts for price changes over time.
Q: How is this trend used in economic policy?
A: Policymakers and industry groups closely track this metric to understand trends in the health care and social assistance sector, which is a major employer and contributor to Alabama's GDP.
Q: Are there update delays or limitations?
A: There is typically a 2-3 month delay in the release of this data by the Bureau of Economic Analysis. The index may also be subject to periodic revisions as more complete information becomes available.
Related Trends
Personal Consumption Expenditures: Nondurable Goods for Alabama
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All Employees: Retail Trade: Food and Beverage Stores in Alabama
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Regional Price Parities: Services: Housing for Alabama
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Unemployed Persons in Alabama
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Average Weekly Earnings of All Employees: Private Service Providing in Alabama
SMU01000000800000011
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Health Care and Social Assistance (62) in Alabama (ALHLTHSOCASSQGSP), retrieved from FRED.