Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Idaho
IDSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
123.87
Year-over-Year Change
36.85%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Idaho measures the inflation-adjusted output of the social assistance industry in the state. This trend is a key indicator of economic activity and service provision in the healthcare and social services sectors.
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 by the social assistance industry in Idaho. It is a component of the overall state GDP and provides insight into the changing scale and productivity of the social services sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level deflators to adjust nominal GDP figures for inflation.
Historical Context
Policymakers and analysts use this trend to assess the health and growth of Idaho's social services industry and its contribution to the broader state economy.
Key Facts
- The social assistance industry accounts for about 2% of Idaho's total GDP.
- This index has grown by an average of 3.2% annually over the past decade.
- Social assistance services include child care, vocational rehabilitation, and individual and family services.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Idaho measures the inflation-adjusted output and production of the social assistance industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the scale and growth of Idaho's social services sector, which is a key component of the state's overall economic activity and service provision.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level deflators to adjust nominal GDP figures for inflation.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the health and growth of Idaho's social services industry and its contribution to the broader state economy.
Q: Are there update delays or limitations?
A: The data is published 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: Social Assistance (624) in Idaho (IDSOCASSQGSP), retrieved from FRED.