Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Illinois
ILFURNMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
834.10
Year-over-Year Change
-9.76%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the furniture and related product manufacturing industry in Illinois. It provides insights into the productivity and growth of this important manufacturing sector within the state's economy.
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
The Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Illinois series tracks the inflation-adjusted economic output of this manufacturing industry in the state. It is a key indicator of the industry's competitiveness, efficiency, and contribution to Illinois' overall economic performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting standards.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and investors to assess the health and outlook of Illinois' manufacturing sector.
Key Facts
- Illinois is a leading furniture manufacturing state.
- The industry employs over 25,000 workers in the state.
- Furniture manufacturing accounts for over 2% of Illinois' total GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the furniture and related product manufacturing industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the productivity and growth of a key manufacturing sector within Illinois' economy, which is closely watched by policymakers, industry analysts, and investors.
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 national accounting standards.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to assess the health and outlook of Illinois' manufacturing sector and inform economic and industrial policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Illinois (ILFURNMANRGSP), retrieved from FRED.