Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Massachusetts
MAMISCPROQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
160.42
Year-over-Year Change
115.76%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Massachusetts tracks the real output of this important economic sector in the state.
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 quantity of real (inflation-adjusted) gross domestic product (GDP) generated by miscellaneous professional, scientific, and technical services firms in Massachusetts. It is a valuable indicator of economic activity and productivity in this diverse industry cluster.
Methodology
The data is collected through surveys and compiled by the U.S. Bureau of Economic Analysis.
Historical Context
This index is widely used by economists, policymakers, and businesses to assess trends in a key service-providing sector.
Key Facts
- The index has a base year of 2012 = 100.
- This sector accounts for over 7% of Massachusetts' total GDP.
- The index reached an all-time high in Q4 2021.
FAQs
Q: What does this economic trend measure?
A: This index measures the real (inflation-adjusted) quantity of gross domestic product (GDP) generated by miscellaneous professional, scientific, and technical services firms in Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This index provides valuable insight into the productivity and economic activity of an important service-providing sector in Massachusetts, which is widely used by economists, policymakers, and businesses.
Q: How is this data collected or calculated?
A: The data is collected through surveys and compiled by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: This index is used by economists and policymakers to assess trends in a key service-providing sector and its contribution to the overall state economy.
Q: Are there update delays or limitations?
A: The index is updated quarterly, with a typical 2-3 month delay in data availability.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Massachusetts (MAMISCPROQGSP), retrieved from FRED.