Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Arkansas
ARSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
98.79
Year-over-Year Change
7.21%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Arkansas measures the real output of the social assistance industry in the state. This metric is important for economists and policymakers to understand the performance of this key service 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 tracks the inflation-adjusted production levels of the social assistance industry, which includes providers of individual and family services, community food and housing, and vocational rehabilitation services. This data helps analyze the economic contribution and growth trends of this industry within the broader Arkansas economy.
Methodology
The index is calculated by the U.S. Bureau of Economic Analysis using industry-level price and quantity data.
Historical Context
Policymakers and market analysts use this metric to assess the health and dynamics of Arkansas's social assistance sector.
Key Facts
- The index is measured with a base year of 2012.
- Social assistance accounts for around 2% of Arkansas's total GDP.
- The industry employs over 40,000 workers in the state.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of the social assistance industry in Arkansas, tracking production levels over time.
Q: Why is this trend relevant for users or analysts?
A: It provides important insights into the performance and economic contribution of the social services sector, which is a key part of Arkansas's economy.
Q: How is this data collected or calculated?
A: The index is calculated by the U.S. Bureau of Economic Analysis using industry-level price and quantity data.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this metric to assess the health and dynamics of Arkansas's social assistance sector, informing decisions around economic development, budgeting, and social programs.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Arkansas (ARSOCASSQGSP), retrieved from FRED.