Real Gross Domestic Product: Social Assistance (624) in Idaho
IDSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
543.70
Year-over-Year Change
36.85%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Social Assistance (624) in Idaho' measure tracks the economic output of the social assistance industry in Idaho, providing insights into a key service 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 economic trend represents the real (inflation-adjusted) gross domestic product of the social assistance industry in the state of Idaho. It is an important indicator for understanding the productivity and growth of this service-oriented sector, which includes organizations providing individual and family social assistance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Historical Context
Policymakers and industry analysts use this metric to assess the economic health and trends within Idaho's social services sector.
Key Facts
- Idaho's social assistance GDP accounted for 3.1% of the state's total GDP in 2021.
- The social assistance sector grew by 2.8% in real terms from 2020 to 2021 in Idaho.
- The social assistance industry includes organizations providing services such as childcare, elderly care, and disability support.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) of the social assistance industry in the state of Idaho.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the productivity and growth of Idaho's social services sector, which is an important part of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this metric to assess the economic health and trends within Idaho's social services sector, which informs policy decisions.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Social Assistance (624) in Idaho (IDSOCASSRGSP), retrieved from FRED.