Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Iowa
IALEGALQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
95.34
Year-over-Year Change
-5.44%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Iowa measures the real output of the legal services industry in the state. This metric is crucial for economists and policymakers to analyze economic growth and productivity trends.
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 volume of legal services production in Iowa. It is an important indicator of the state's professional services sector and overall economic performance.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using methods to adjust for price changes over time.
Historical Context
The legal services index is used by analysts to assess the health of Iowa's professional services industry and inform economic policy decisions.
Key Facts
- The index has a base year of 2012.
- Legal services account for over 3% of Iowa's total GDP.
- The index reached a record high in 2021.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Iowa measures the real, inflation-adjusted output of the legal services industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This index is an important indicator of the health and productivity of Iowa's professional services sector, which is crucial for analyzing the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using methods to adjust for price changes over time.
Q: How is this trend used in economic policy?
A: The legal services index is used by analysts and policymakers to assess the state of Iowa's professional services industry and inform economic policy decisions.
Q: Are there update delays or limitations?
A: The index data is published quarterly with a lag, so there may be a delay in accessing the most recent information.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Iowa (IALEGALQGSP), retrieved from FRED.