Real Gross Domestic Product: Accommodation and Food Services (72) in the Great Lakes BEA Region
GLAKACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
74,979.60
Year-over-Year Change
14.32%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the accommodation and food services sector in the Great Lakes Bureau of Economic Analysis (BEA) region. It provides insights into the economic performance and recovery of this key service industry.
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 real GDP for accommodation and food services in the Great Lakes BEA region is an important indicator of the overall economic health and consumer spending patterns in the region. It helps policymakers and analysts understand the dynamics of the service sector and its contribution to regional growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of the regional GDP estimates.
Historical Context
This trend is closely monitored by economists, policymakers, and businesses to assess the regional economic conditions and guide decision-making.
Key Facts
- The Great Lakes BEA region includes Illinois, Indiana, Michigan, Ohio, and Wisconsin.
- The accommodation and food services sector accounts for a significant portion of the region's economy.
- This trend can signal changes in consumer spending and the overall economic recovery in the region.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the accommodation and food services sector in the Great Lakes Bureau of Economic Analysis (BEA) region.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and recovery of the accommodation and food services sector, which is a key indicator of the overall economic health and consumer spending patterns in the Great Lakes region.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of the regional GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by economists, policymakers, and businesses to assess the regional economic conditions and guide decision-making.
Q: Are there update delays or limitations?
A: The data is subject to the timely release of regional GDP estimates by the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in the Great Lakes BEA Region (GLAKACCFDRGSP), retrieved from FRED.