Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Illinois
ILACCFDQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
98.64
Year-over-Year Change
13.78%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Illinois measures the real output of the accommodation and food services sector in Illinois, adjusted for inflation.
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 provides a comprehensive measure of the real economic activity in Illinois's accommodation and food services industry, which is a key component of the state's service sector. It is used by economists and policymakers to analyze trends in this important segment of the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula to track real output over time.
Historical Context
This index informs analysis of Illinois's economic performance and can support policy decisions related to the state's tourism, hospitality, and service industries.
Key Facts
- Illinois's accommodation and food services sector accounts for over 10% of the state's real GDP.
- The index has a base year of 2012 = 100.
- The data is released quarterly by the U.S. Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: This index measures the real output of the accommodation and food services sector in Illinois, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: The index provides a comprehensive measure of activity in a key component of Illinois's service-based economy, informing analysis of the state's economic performance.
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 index formula.
Q: How is this trend used in economic policy?
A: This index can support policy decisions related to Illinois's tourism, hospitality, and service industries.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Illinois (ILACCFDQGSP), retrieved from FRED.