Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Idaho
IDMISCPROQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
175.69
Year-over-Year Change
85.73%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Idaho measures the volume of economic output for a specific industry in the state.
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 production of miscellaneous professional, scientific, and technical services in Idaho, which encompasses a range of knowledge-based industries. It is a valuable indicator of economic activity and productivity trends within this important sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type formula to measure real GDP.
Historical Context
Policymakers and economists use this index to assess the health and growth of Idaho's professional services industry.
Key Facts
- The index is calculated with a base year of 2012.
- Idaho's professional services industry accounts for over 8% of the state's total GDP.
- This index has shown steady growth in recent years, reflecting the dynamism of Idaho's knowledge-based economy.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output or production volume of the miscellaneous professional, scientific, and technical services industry in the state of Idaho.
Q: Why is this trend relevant for users or analysts?
A: This index provides valuable insights into the performance and growth of a key knowledge-based sector within Idaho's economy, which is useful for policymakers, economists, and businesses.
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 formula to measure real GDP.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this index to assess the health and growth of Idaho's professional services industry, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The index is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Idaho (IDMISCPROQGSP), retrieved from FRED.