Chain-Type Quantity Index for Real GDP: Food and Beverage and Tobacco Product Manufacturing (311-312) in Massachusetts
MAFOODBEVTOBMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
98.10
Year-over-Year Change
16.10%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Food and Beverage and Tobacco Product Manufacturing (311-312) in Massachusetts tracks the real output of this key industry within the state's economy.
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 index measures the volume of goods produced by the food, beverage, and tobacco manufacturing industries in Massachusetts, adjusted for price changes. It is a valuable indicator of the state's industrial production and economic health.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using the chain-type quantity index methodology.
Historical Context
This metric is monitored by policymakers and analysts to assess the performance and competitiveness of Massachusetts' manufacturing sector.
Key Facts
- The index is benchmarked to 2012 = 100.
- Food and beverage manufacturing makes up a significant portion of Massachusetts' industrial output.
- This sector was impacted by COVID-19 disruptions in 2020.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Food and Beverage and Tobacco Product Manufacturing (311-312) in Massachusetts measures the real, inflation-adjusted output of these industries within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and competitiveness of a key manufacturing sector in the Massachusetts economy, which is important for economic policymakers and industry analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using the chain-type quantity index methodology.
Q: How is this trend used in economic policy?
A: This index is monitored by policymakers and analysts to assess the health and competitiveness of Massachusetts' manufacturing sector, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: There may be lags in data availability and revisions, as is common with economic indicators compiled from various sources.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Food and Beverage and Tobacco Product Manufacturing (311-312) in Massachusetts (MAFOODBEVTOBMANQGSP), retrieved from FRED.