Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in the Great Lakes BEA Region
Annual, Not Seasonally Adjusted
GLAKOTHSERVENGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
85,557.80
Year-over-Year Change
69.37%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Annual, Not Seasonally Adjusted' economic trend measures annual gross domestic product (GDP) for the other services sector of the U.S. economy. This metric is important for economists and policymakers to understand the performance and contribution of the 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 'Annual, Not Seasonally Adjusted' series tracks the yearly GDP originating from the other services sector, which includes industries like personal and laundry services, religious organizations, and private households. This data provides insight into the economic output and underlying trends within the broader service economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using national accounts statistics.
Historical Context
Analysts and policymakers use this metric to assess the health and growth of the service sector, which is a significant driver of the overall U.S. economy.
Key Facts
- The other services sector accounts for around 4% of total U.S. GDP.
- Annual GDP growth in this sector has averaged 2.5% over the past decade.
- The COVID-19 pandemic had a significant negative impact on output in the other services sector in 2020.
FAQs
Q: What does this economic trend measure?
A: The 'Annual, Not Seasonally Adjusted' trend measures the annual gross domestic product (GDP) originating from the other services sector of the U.S. economy.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and contribution of the service industry, a significant driver of the overall U.S. economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using national accounts statistics.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this metric to assess the health and growth of the service sector, which is crucial for understanding the broader U.S. economic landscape.
Q: Are there update delays or limitations?
A: The data is published annually with a lag of several months, so there may be delays in the most recent figures.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (GLAKOTHSERVENGSP), retrieved from FRED.