Gross Domestic Product: Professional and Business Services (54, 55, 56) in Illinois
ILPROBUSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
158,645.20
Year-over-Year Change
63.91%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the professional and business services sector in Illinois. It provides insight into the productivity and growth of this important component of 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 professional and business services sector encompasses a wide range of activities, including legal, accounting, management, and administrative services. This GDP metric helps policymakers and analysts understand the performance and contribution of this sector to Illinois' overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using various surveys and economic indicators.
Historical Context
This GDP trend is used to inform economic and policy decisions at the state and federal level.
Key Facts
- The professional and business services sector accounts for over 15% of Illinois' GDP.
- This trend has shown steady growth in recent years, outpacing the overall state economy.
- The COVID-19 pandemic had a significant impact on this sector, leading to a decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the professional and business services sector in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and contribution of the professional and business services sector, a key component of Illinois' economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using various surveys and economic indicators.
Q: How is this trend used in economic policy?
A: This GDP trend is used to inform economic and policy decisions at the state and federal level, as it helps policymakers understand the dynamics of the professional services sector.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional and Business Services (54, 55, 56) in Illinois (ILPROBUSNGSP), retrieved from FRED.