Chain-Type Quantity Index for Real GDP: Educational Services, Health Care, and Social Assistance (61, 62) in Hawaii
HIEDHLTHSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
119.63
Year-over-Year Change
37.62%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Educational Services, Health Care, and Social Assistance (61, 62) in Hawaii measures the volume of economic output in these key sectors over time. This data is vital for economists and policymakers to understand trends in this important segment of the state's economy.
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 the real (inflation-adjusted) quantity of goods and services produced in the educational, healthcare, and social assistance industries in Hawaii. It is used to analyze productivity, growth, and structural shifts within these service-oriented economic sectors.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula applied to gross domestic product (GDP) statistics.
Historical Context
Monitoring this index helps inform economic and social policy decisions at the state level.
Key Facts
- Hawaii's educational, healthcare, and social assistance sectors account for over 20% of the state's GDP.
- This index has grown by an average of 2.5% annually over the past decade.
- The COVID-19 pandemic significantly impacted these service industries in Hawaii in 2020.
FAQs
Q: What does this economic trend measure?
A: This index tracks the real, inflation-adjusted quantity of goods and services produced in Hawaii's educational, healthcare, and social assistance industries.
Q: Why is this trend relevant for users or analysts?
A: Monitoring this index helps economists and policymakers understand productivity, growth, and structural shifts in these key service sectors of Hawaii's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula applied to GDP statistics.
Q: How is this trend used in economic policy?
A: Tracking this index informs economic and social policy decisions at the state level in Hawaii, given the importance of these service industries.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Educational Services, Health Care, and Social Assistance (61, 62) in Hawaii (HIEDHLTHSOCASSQGSP), retrieved from FRED.