Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Colorado
COSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
126.80
Year-over-Year Change
56.01%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Colorado measures the volume of economic output for the social assistance industry in the state. This metric is important for economists and policymakers to assess the overall health and growth of Colorado'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 represents the real, inflation-adjusted value of GDP output from the social assistance industry in Colorado. It is a key indicator of the economic activity and productivity in this sector, which includes social services such as individual and family services, community food and housing, and vocational rehabilitation.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
Policymakers and market analysts use this metric to understand trends in Colorado's social assistance industry and its broader economic performance.
Key Facts
- Colorado's social assistance industry accounts for over 4% of the state's GDP.
- The index has grown by 20% over the past decade.
- Social assistance is a major employer in Colorado, with over 100,000 jobs.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Colorado measures the real, inflation-adjusted volume of economic output from the social assistance industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the performance and growth of Colorado's social assistance sector, which is a significant contributor to the state's overall economic activity.
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 quantity index formula.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this metric to assess trends in Colorado's social assistance industry and its broader economic implications.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month lag.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Colorado (COSOCASSQGSP), retrieved from FRED.