Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Arkansas
ARMISCPROQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
153.94
Year-over-Year Change
75.76%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP measures the volume of output in the Miscellaneous Professional, Scientific, and Technical Services sector in Arkansas. This metric is important for economists and policymakers to understand productivity trends in the state's knowledge-based 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 quantity of real GDP generated by a subset of professional services firms in Arkansas, including those involved in legal services, accounting, architecture, engineering, and other technical consulting. It provides insight into the scale and growth of these knowledge-intensive industries within the state economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using quantity indexes to measure real GDP at the state and industry level.
Historical Context
Monitoring this index can help inform policy decisions related to economic development, taxation, and investment in Arkansas's professional services sector.
Key Facts
- The index is published quarterly by the U.S. Bureau of Economic Analysis.
- The professional services industries covered include legal, accounting, architecture, and technical consulting.
- Arkansas's professional services sector accounts for over 8% of the state's total GDP.
FAQs
Q: What does this economic trend measure?
A: This index measures the quantity or real output of the Miscellaneous Professional, Scientific, and Technical Services sector in Arkansas. It tracks the volume of economic activity in knowledge-intensive industries within the state.
Q: Why is this trend relevant for users or analysts?
A: Monitoring this index provides insights into the productivity and growth of Arkansas's professional services industries, which are an important component of the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using quantity indexes to measure real GDP at the state and industry level.
Q: How is this trend used in economic policy?
A: Policymakers and economic analysts can use this index to inform decisions related to business development, investment, and workforce planning in Arkansas's professional services sector.
Q: Are there update delays or limitations?
A: The index is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month lag between the end of the reference period and the data release.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Arkansas (ARMISCPROQGSP), retrieved from FRED.