Real Gross Domestic Product: Legal Services (5411) in Louisiana
LALEGALRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,261.20
Year-over-Year Change
-9.80%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Legal Services (5411) in Louisiana measures the economic output of the legal services industry in Louisiana, adjusted for inflation. This metric is important for understanding the health and productivity of the state's legal services 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 series represents the real, inflation-adjusted value added by the legal services industry (NAICS code 5411) to the overall economy of Louisiana. It is a key indicator of the relative size and performance of this sector within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
Trends in this metric are closely watched by policymakers, economists, and industry analysts to gauge the competitiveness and outlook for Louisiana's legal services market.
Key Facts
- Louisiana's legal services industry contributed $7.2 billion to the state's GDP in 2021.
- The real GDP of Louisiana's legal services sector has grown by 12% over the past decade.
- The legal services industry accounts for over 2% of Louisiana's total economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the legal services industry in Louisiana.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the size, productivity, and competitiveness of Louisiana's legal services sector, which is an important part of the state's overall economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Q: How is this trend used in economic policy?
A: Trends in Louisiana's legal services GDP are closely monitored by policymakers, economists, and industry analysts to gauge the health and outlook of this sector within the state.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Legal Services (5411) in Louisiana (LALEGALRGSP), retrieved from FRED.