Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Connecticut
Annual, Not Seasonally Adjusted
CTOTHSERVENGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,967.70
Year-over-Year Change
54.94%
Date Range
1/1/1997 - 1/1/2024
Summary
The Annual, Not Seasonally Adjusted series measures the total nominal output of the service-providing industries in the U.S. economy. This metric is a key indicator of overall economic activity and service sector performance.
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 Annual, Not Seasonally Adjusted series for total service-providing industries output tracks the total dollar value of services provided by private businesses and government agencies in the United States. It is a broad measure of service sector economic growth and productivity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using survey and administrative sources.
Historical Context
This economic indicator is widely used by policymakers, analysts, and investors to assess the health and trajectory of the U.S. service economy.
Key Facts
- The service sector accounts for over 75% of U.S. GDP.
- Service industry output has grown faster than overall GDP in recent decades.
- The COVID-19 pandemic significantly disrupted service sector activity in 2020.
FAQs
Q: What does this economic trend measure?
A: The Annual, Not Seasonally Adjusted series measures the total nominal output of service-providing industries in the U.S. economy, including both private businesses and government agencies.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of overall economic activity and the performance of the vital service sector, which accounts for the majority of U.S. economic output.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of survey and administrative sources.
Q: How is this trend used in economic policy?
A: Policymakers, analysts, and investors closely monitor this indicator to assess the health and trajectory of the U.S. service economy, which has major implications for economic growth, inflation, and employment.
Q: Are there update delays or limitations?
A: There is typically a several month lag in the release of this annual data series. The not seasonally adjusted format may also limit direct comparisons across time periods.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (CTOTHSERVENGSP), retrieved from FRED.