Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Illinois
ILMISCPROQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
134.73
Year-over-Year Change
55.91%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the chain-type quantity index for real GDP in the miscellaneous professional, scientific, and technical services sector in Illinois. It provides insight into the economic performance of this important industry 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 chain-type quantity index for real GDP tracks the inflation-adjusted output of the miscellaneous professional, scientific, and technical services sector in Illinois. This metric is used by economists and policymakers to analyze productivity, growth, and competitiveness within this key service industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Historical Context
This trend is relevant for understanding Illinois' economic health and competitiveness in professional services.
Key Facts
- Illinois is a major hub for professional, scientific, and technical services.
- This sector accounts for over 7% of the state's total economic output.
- The chain-type quantity index tracks volume changes, not just dollar values.
FAQs
Q: What does this economic trend measure?
A: This trend measures the chain-type quantity index for real GDP in the miscellaneous professional, scientific, and technical services sector in Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic performance and productivity of a key service industry within Illinois, which is important for understanding the state's overall economic health and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Q: How is this trend used in economic policy?
A: This trend is relevant for policymakers and economists analyzing the Illinois economy, as the professional services sector is a major driver of growth and productivity.
Q: Are there update delays or limitations?
A: The data is subject to the normal release schedule and potential revisions of the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Illinois (ILMISCPROQGSP), retrieved from FRED.