Sectoral Output for Manufacturing: Pharmaceutical and Medicine Manufacturing (NAICS 3254) in the United States
IPUEN3254T300000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
220,086.54
Year-over-Year Change
43.20%
Date Range
1/1/1987 - 1/1/2024
Summary
The Sectoral Output for Manufacturing: Pharmaceutical and Medicine Manufacturing (NAICS 3254) in the United States measures the production output of the pharmaceutical and medicine manufacturing industry. This indicator is a key metric for analyzing the health and trends within the U.S. pharmaceutical 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
This economic series tracks the production output of establishments that manufacture pharmaceutical and medicine products, as defined by the North American Industry Classification System (NAICS) code 3254. It is a valuable indicator for economists and policymakers to monitor the performance and dynamics of the U.S. pharmaceutical manufacturing industry.
Methodology
The data is collected by the U.S. Federal Reserve through surveys of manufacturing establishments.
Historical Context
Trends in pharmaceutical manufacturing output provide important insights into the state of the broader healthcare and life sciences sectors.
Key Facts
- The U.S. pharmaceutical and medicine manufacturing industry accounts for over $300 billion in annual output.
- Pharmaceutical production makes up nearly 20% of total U.S. manufacturing output.
- The industry employs over 280,000 workers across the United States.
FAQs
Q: What does this economic trend measure?
A: This trend measures the production output of establishments that manufacture pharmaceutical and medicine products in the United States, as defined by NAICS code 3254.
Q: Why is this trend relevant for users or analysts?
A: Trends in pharmaceutical manufacturing output provide important insights into the health and dynamics of the U.S. healthcare and life sciences sectors, which are critical to the broader economy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Federal Reserve through surveys of manufacturing establishments.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to gauge the performance and competitiveness of the U.S. pharmaceutical industry, which has implications for healthcare costs, innovation, and trade.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of 1-2 months. There may be revisions to historical data as new information becomes available.
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Citation
U.S. Federal Reserve, Sectoral Output for Manufacturing: Pharmaceutical and Medicine Manufacturing (NAICS 3254) in the United States (IPUEN3254T300000000), retrieved from FRED.