Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Florida
Annual, Not Seasonally Adjusted
FLPROSCITCHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
138,185.40
Year-over-Year Change
151.64%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Annual, Not Seasonally Adjusted' series tracks changes in U.S. labor productivity, a key economic indicator of worker efficiency and output.
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 measure represents the change in the amount of real output produced per hour of labor input. It is a widely used metric for analyzing economic growth, competitiveness, and standard of living.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics using establishment surveys and national accounts.
Historical Context
Policymakers and economists closely monitor labor productivity trends to understand the drivers of economic performance.
Key Facts
- The U.S. has experienced steady increases in labor productivity over the past decades.
- Improving labor productivity is crucial for raising living standards and economic competitiveness.
- Declines in labor productivity can signal underlying issues in the economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the change in real output per hour of labor, providing insights into worker efficiency and productivity.
Q: Why is this trend relevant for users or analysts?
A: Labor productivity is a key indicator of economic growth, competitiveness, and living standards, making it highly relevant for policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics using establishment surveys and national accounts.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor labor productivity trends to understand the drivers of economic performance and develop policies to support productivity growth.
Q: Are there update delays or limitations?
A: The data is released on a regular schedule by the Bureau of Labor Statistics, with minimal update delays.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (FLPROSCITCHNGSP), retrieved from FRED.