Chain-Type Quantity Index for Real GDP: Administrative and Support Services (561) in the Great Lakes BEA Region
GLAKADMINSUPQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
119.07
Year-over-Year Change
32.86%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Administrative and Support Services (561) in the Great Lakes BEA Region measures the inflation-adjusted output of this economic sector in the Great Lakes region.
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 tracks changes in the real (inflation-adjusted) value of goods and services produced by administrative and support services businesses in the Great Lakes Bureau of Economic Analysis (BEA) region, which includes Illinois, Indiana, Michigan, Ohio, and Wisconsin.
Methodology
The data is calculated using a chain-type quantity index based on detailed industry-level real GDP statistics.
Historical Context
This metric is useful for analyzing economic performance and productivity trends in the administrative and support services industry within the Great Lakes region.
Key Facts
- The index has a base year of 2012 = 100.
- The Great Lakes region accounts for over 20% of U.S. GDP.
- Administrative and support services make up around 10% of the region's GDP.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted output of the administrative and support services industry in the Great Lakes region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the productivity and economic performance of a key service sector within an important regional economy.
Q: How is this data collected or calculated?
A: The data is calculated using a chain-type quantity index based on detailed industry-level real GDP statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts can use this index to assess regional economic conditions and trends in the administrative and support services industry.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months by the U.S. Federal Reserve.
Related Trends
Gross Domestic Product: Other Transportation and Support Activities (487-488, 492) in the Great Lakes BEA Region
GLAKOTHTRANNGSP
Per Capita Personal Income in the Great Lakes BEA Region
BEAGLPCPI
Real Gross Domestic Product: Trade (42, 44-45) in the Great Lakes BEA Region
GLAKTRADERGSP
Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in the Great Lakes BEA Region
GLAKFOODDPQGSP
Chain-Type Quantity Index for Real GDP: Legal Services (5411) in the Great Lakes BEA Region
GLAKLEGALQGSP
Chain-Type Quantity Index for Real GDP: Forestry, Fishing, and Related Activities (113-115) in the Great Lakes BEA Region
GLAKFRSTFISHQGSP
Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Administrative and Support Services (561) in the Great Lakes BEA Region (GLAKADMINSUPQGSP), retrieved from FRED.