Chain-Type Quantity Index for Real GDP: Fabricated Metal Product Manufacturing (332) in Illinois
ILFABRMETQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
77.97
Year-over-Year Change
-19.65%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Fabricated Metal Product Manufacturing (332) in Illinois measures the real output of the fabricated metal manufacturing sector in Illinois. This trend is a key indicator of economic activity and productivity in the state's industrial base.
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 measure of the real volume of goods produced by the fabricated metal manufacturing industry in Illinois. It adjusts the raw production data to account for price changes, giving a more accurate picture of actual output levels over time.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using production surveys and other government sources.
Historical Context
Policymakers and analysts use this index to assess the health and competitiveness of Illinois' manufacturing sector.
Key Facts
- The index is measured with 2012 as the base year.
- Manufacturing accounts for over 12% of Illinois' GDP.
- Fabricated metals is one of the largest manufacturing subsectors in the state.
FAQs
Q: What does this economic trend measure?
A: This index measures the real volume of goods produced by the fabricated metal manufacturing industry in Illinois, adjusting for price changes.
Q: Why is this trend relevant for users or analysts?
A: This index provides important insights into the productivity and competitiveness of a key segment of Illinois' industrial base, which is crucial for policymakers and economists.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates this index using production surveys and other government data sources.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess the health and competitiveness of Illinois' manufacturing sector, which informs economic development strategies.
Q: Are there update delays or limitations?
A: The index data is published quarterly by the Federal Reserve with a lag of several months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Fabricated Metal Product Manufacturing (332) in Illinois (ILFABRMETQGSP), retrieved from FRED.