Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Idaho
IDLEGALQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
138.46
Year-over-Year Change
14.22%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Idaho measures the real output of the legal services industry in the state. This trend is a key indicator of economic activity and productivity in the legal 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
This index tracks the volume of legal services produced in Idaho, adjusting for price changes to provide a measure of real, inflation-adjusted output. Economists and policymakers use this data to assess the health and growth of the state's legal services industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using methods to chain-weight the real output.
Historical Context
This trend is used to inform economic and industry analysis, as well as policy decisions related to the legal services sector.
Key Facts
- The legal services industry accounts for over 2% of Idaho's GDP.
- The index has grown by 15% over the past 5 years.
- Legal services are a key part of Idaho's professional services sector.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted output of the legal services industry in the state of Idaho.
Q: Why is this trend relevant for users or analysts?
A: This data is useful for assessing the health and growth of Idaho's legal services sector, which is an important part of the state's professional services and overall economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using methods to chain-weight the real output of the legal services industry in Idaho.
Q: How is this trend used in economic policy?
A: This trend informs economic and industry analysis, as well as policy decisions related to the legal services sector in Idaho.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 2-3 months.
Related Trends
All Employees: Manufacturing: Non-Durable Goods in Idaho
SMS16000003200000001
Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Furnishings and Durable Household Equipment for Idaho
IDPCEPCFUR
High-Propensity Business Applications: Total for All NAICS in Idaho
BAHBATOTALSAID
Monthly State Retail Sales: Total Retail Sales Excluding Nonstore Retailers in Idaho
MSRSIDTOTAL
All Employees: Professional and Business Services: Services to Buildings and Dwellings in Idaho
SMU16000006056170001
Real Gross Domestic Product: All Industry Total in Idaho
IDRQGSP
Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Idaho (IDLEGALQGSP), retrieved from FRED.