Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Arkansas
ARPROBUSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
152.09
Year-over-Year Change
88.64%
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 Arkansas measures the volume of economic output in this key sector of the state's economy.
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 Arkansas businesses in professional, scientific, technical, management, administrative, and waste services industries. It is a leading indicator of broader economic activity and productivity.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted method to adjust for price changes over time.
Historical Context
Policymakers and analysts use this index to monitor trends in Arkansas's service-producing economy and its overall economic performance.
Key Facts
- Arkansas's professional and business services sector accounts for over 15% of the state's GDP.
- This index has grown by an average of 2.5% annually over the past decade.
- The sector employs more than 230,000 people in Arkansas.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted volume of economic output in Arkansas's professional, scientific, technical, management, administrative, and waste services industries.
Q: Why is this trend relevant for users or analysts?
A: This index is a key indicator of productivity and economic performance in a vital service-producing sector of Arkansas's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted method to adjust for price changes over time.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to monitor trends in Arkansas's service-producing economy and its overall economic performance.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two 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 Arkansas (ARPROBUSQGSP), retrieved from FRED.