Chain-Type Quantity Index for Real GDP: Retail Trade (44-45) in Illinois
Annual, Not Seasonally Adjusted
ILRETAILQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
115.43
Year-over-Year Change
38.82%
Date Range
1/1/1997 - 1/1/2024
Summary
The Annual, Not Seasonally Adjusted trend measures the total quarterly gross state product (GSP) for the retail trade industry in Illinois. It provides insights into the overall economic activity and performance of the retail sector in 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 Annual, Not Seasonally Adjusted trend represents the total inflation-adjusted value added by the retail trade industry in Illinois on a quarterly basis. This metric is used by economists and policymakers to analyze the health and growth of the retail sector, which is a key driver of state and local economies.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Historical Context
Trends in retail GSP are closely monitored by state and local governments, as well as by businesses and investors, to inform economic policy, investment decisions, and strategic planning.
Key Facts
- Illinois retail trade industry accounts for over 6% of the state's total economic output.
- Retail GSP in Illinois has grown by an average of 3.2% annually over the past decade.
- The COVID-19 pandemic caused a 7.5% decline in Illinois retail GSP in 2020.
FAQs
Q: What does this economic trend measure?
A: The Annual, Not Seasonally Adjusted trend measures the total quarterly gross state product (GSP) for the retail trade industry in Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric is used by economists and policymakers to analyze the health and growth of the retail sector, which is a key driver of state and local economies.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Q: How is this trend used in economic policy?
A: Trends in retail GSP are closely monitored by state and local governments, as well as by businesses and investors, to inform economic policy, investment decisions, and strategic planning.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (ILRETAILQGSP), retrieved from FRED.