Real Gross Domestic Product: Miscellaneous Manufacturing (339) in Illinois
ILMISCMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,070.40
Year-over-Year Change
12.58%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the miscellaneous manufacturing industry in Illinois. It provides insight into the economic performance and productivity of this key manufacturing sector within the state.
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 GDP of miscellaneous manufacturing in Illinois represents the inflation-adjusted value of goods and services produced by this industry, which includes activities such as medical equipment, office supplies, and other diverse products. This metric is used by economists and policymakers to analyze the health and competitiveness of Illinois' manufacturing base.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
Trends in real GDP for Illinois' miscellaneous manufacturing industry are closely monitored by state and federal policymakers to inform economic development strategies and industrial policies.
Key Facts
- Illinois is a major manufacturing hub, accounting for over 12% of the state's GDP.
- Miscellaneous manufacturing represents about 3% of Illinois' total manufacturing output.
- This industry includes a diverse range of products, from medical devices to office supplies.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the miscellaneous manufacturing industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: Trends in real GDP for Illinois' miscellaneous manufacturing industry provide insights into the performance and productivity of this key sector, which is important for understanding the overall health and competitiveness of the state's manufacturing base.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: Trends in real GDP for Illinois' miscellaneous manufacturing industry are closely monitored by state and federal policymakers to inform economic development strategies and industrial policies.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions and may have a delay of several months between the reference period and the release of the latest figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Miscellaneous Manufacturing (339) in Illinois (ILMISCMANRGSP), retrieved from FRED.