Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Louisiana
LAPROBUSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
118.83
Year-over-Year Change
21.83%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP measures the real output of the Professional and Business Services industry in Louisiana. This trend is a key indicator of economic activity and productivity in the state's service 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
The Chain-Type Quantity Index is a comprehensive measure of real GDP that tracks changes in the volume of goods and services produced, adjusting for price changes. This metric provides valuable insights into the performance and growth of Louisiana's professional, scientific, technical, administrative, and waste management services.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts.
Historical Context
Policymakers and analysts monitor this trend to assess the health and competitiveness of Louisiana's service-based economy.
Key Facts
- The index is based on 2012 as the reference year.
- Professional and Business Services account for over 20% of Louisiana's GDP.
- The sector has shown steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Louisiana measures the real output and volume of the state's professional, scientific, technical, administrative, and waste management services.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and competitiveness of Louisiana's service-based economy, which is a crucial driver of the state's overall economic growth and development.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this trend to assess the health and competitiveness of Louisiana's service sector, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with potential delays of a few months from the end of the reference period.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Louisiana (LAPROBUSQGSP), retrieved from FRED.