Chain-Type Quantity Index for Real GDP: Nonmetallic Mineral Product Manufacturing (327) in Illinois
ILNMMPMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
79.05
Year-over-Year Change
-11.93%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the chain-type quantity index for real GDP in the nonmetallic mineral product manufacturing industry in Illinois. It provides valuable insights into the productivity and output of this key manufacturing sector.
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 is a measure of economic activity that adjusts for inflation, allowing for meaningful comparisons over time. This trend specifically focuses on the nonmetallic mineral product manufacturing industry, which encompasses the production of items like glass, cement, and ceramics, and is an important component of Illinois' industrial base.
Methodology
The data is collected and calculated by the U.S. Federal Reserve using established national accounting practices.
Historical Context
This trend is widely used by economists, policymakers, and industry analysts to monitor the health and performance of Illinois' manufacturing sector.
Key Facts
- Illinois is a major producer of nonmetallic mineral products.
- The nonmetallic mineral product manufacturing industry accounts for a significant portion of the state's GDP.
- This trend helps track the industry's contribution to overall economic growth in Illinois.
FAQs
Q: What does this economic trend measure?
A: This trend measures the chain-type quantity index for real GDP in the nonmetallic mineral product manufacturing industry in Illinois. It provides a way to track the productivity and output of this key manufacturing sector over time.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for understanding the performance and contribution of the nonmetallic mineral product manufacturing industry to Illinois' overall economic growth. It is widely used by economists, policymakers, and industry analysts to monitor the health of this crucial manufacturing sector.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Federal Reserve using established national accounting practices.
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 performance of Illinois' manufacturing sector, which is a key driver of economic growth in the state. It informs decisions related to economic development, industrial policy, and workforce planning.
Q: Are there update delays or limitations?
A: The data is published regularly by the Federal Reserve, but there may be some update delays due to the time required for data collection and analysis. Additionally, the trend may be limited in scope, focusing only on the nonmetallic mineral product manufacturing industry in Illinois.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Nonmetallic Mineral Product Manufacturing (327) in Illinois (ILNMMPMANQGSP), retrieved from FRED.