Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Massachusetts
MAMISCPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
75,240.80
Year-over-Year Change
150.34%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Massachusetts. It provides insight into the economic performance and productivity of this important 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 GDP of the miscellaneous professional, scientific, and technical services industry in Massachusetts represents the total value of goods and services produced by this segment of the state's economy. This metric is closely watched by economists and policymakers to understand regional economic trends and competitiveness.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is used to inform economic policy decisions and assess the strength of Massachusetts' professional services industry.
Key Facts
- Massachusetts is a leading hub for professional services in the U.S.
- This industry accounts for a significant portion of the state's economic output.
- GDP growth in this sector can signal broader economic trends in Massachusetts.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic performance and productivity of an important sector in Massachusetts, which is closely watched by economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: This trend is used to inform economic policy decisions and assess the strength of Massachusetts' professional services industry.
Q: Are there update delays or limitations?
A: The data is subject to regular updates by the Bureau of Economic Analysis, but may have slight delays or limitations compared to real-time economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Massachusetts (MAMISCPRONGSP), retrieved from FRED.