Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Arkansas
ARLEGALQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
100.08
Year-over-Year Change
-9.93%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Arkansas measures the volume of output in the legal services industry within the state's gross domestic product. This trend is a key indicator of economic activity and productivity in the legal sector.
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 Chain-Type Quantity Index is a measure of real economic output that adjusts for price changes over time. This index tracks the real volume of legal services produced in Arkansas, providing insights into the state's legal industry performance and overall economic health.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level price and quantity information.
Historical Context
Policymakers and analysts use this metric to assess the contribution of the legal services sector to Arkansas' economic growth and development.
Key Facts
- The index is measured with a base year of 2012.
- Legal services account for around 2% of Arkansas' total GDP.
- The index has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real volume of output in the legal services industry as part of Arkansas' gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and contribution of the legal services sector to Arkansas' overall economic activity and growth.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level price and quantity information.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess the legal services industry's role in Arkansas' economic development and to inform policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, and may be subject to revisions over time.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Arkansas (ARLEGALQGSP), retrieved from FRED.