Real Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in the Great Lakes BEA Region
GLAKAPPLEATHMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,447.60
Year-over-Year Change
62.05%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the apparel, leather, and allied product manufacturing industry in the Great Lakes region of the United States. It is an important indicator of the health and productivity of this key manufacturing sector.
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 Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in the Great Lakes BEA Region metric tracks the inflation-adjusted economic output of this industry, which includes the production of clothing, footwear, and related goods. It provides insights into the regional manufacturing landscape and can inform policy decisions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national accounting principles.
Historical Context
This metric is widely used by economists, policymakers, and industry analysts to assess the performance and competitiveness of the apparel and leather manufacturing sector.
Key Facts
- The Great Lakes region accounts for a significant portion of U.S. apparel and leather manufacturing.
- Real GDP in this sector has seen fluctuations over the past decade, reflecting broader industry trends.
- Policymakers use this metric to inform decisions about trade, workforce development, and industrial policy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the apparel, leather, and allied product manufacturing industry in the Great Lakes region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and competitiveness of a key manufacturing sector, which can inform economic policymaking and business decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health and productivity of the apparel and leather manufacturing industry, which can inform decisions about trade, workforce development, and industrial policy.
Q: Are there update delays or limitations?
A: There may be lags in data availability, as the BEA collects and processes the underlying information. Users should check for the most recent updates and be aware of any known limitations in the data.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in the Great Lakes BEA Region (GLAKAPPLEATHMANRGSP), retrieved from FRED.