Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Louisiana
LAFOODDPQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
91.01
Year-over-Year Change
-3.11%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Louisiana measures the real output of the food services and drinking places sector in the state. This trend is a key indicator of economic activity and consumer spending in the restaurant and hospitality industry.
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 tracks the real, inflation-adjusted value of output from food services and drinking establishments in Louisiana. It is used by economists and policymakers to assess the performance and growth of this important service sector within the state's economy.
Methodology
This index is calculated by the U.S. Bureau of Economic Analysis using data from establishment surveys and other economic indicators.
Historical Context
The food services and drinking places industry is a major component of consumer spending and an important driver of economic activity, so this index provides valuable insights for market analysts and government officials.
Key Facts
- Louisiana's food services and drinking places sector accounts for over 10% of the state's total GDP.
- This index uses 2012 as the base year for measuring real output changes.
- The food services industry is a major employer in Louisiana, with over 200,000 workers.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Louisiana measures the real, inflation-adjusted output of the food services and drinking establishments sector in the state.
Q: Why is this trend relevant for users or analysts?
A: This index provides valuable insights into the performance and growth of Louisiana's important food services and hospitality industry, which is a key driver of consumer spending and economic activity in the state.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates this index using data from establishment surveys and other economic indicators.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this index to assess the health and trajectory of Louisiana's food services and hospitality sector, which has significant implications for the state's overall economic performance and consumer spending patterns.
Q: Are there update delays or limitations?
A: This index is updated quarterly by the Bureau of Economic Analysis, with a limited delay to allow for data collection and processing.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Louisiana (LAFOODDPQGSP), retrieved from FRED.