Chain-Type Quantity Index for Real GDP: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Maine
MEARTETRTACCFDQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
114.17
Year-over-Year Change
41.14%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Maine measures the real output of these key service sectors in 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 tracks changes in the real (inflation-adjusted) value added by industries such as performing arts, spectator sports, museums, hotels, restaurants, and bars. It provides insight into the overall health and productivity of Maine's leisure and hospitality sectors.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
Policymakers and businesses use this metric to monitor economic conditions and consumer demand in Maine's tourism and service industries.
Key Facts
- The index is seasonally adjusted.
- 2022 Q4 index value was 123.82.
- The series began in 2005.
FAQs
Q: What does this economic trend measure?
A: This index measures the real (inflation-adjusted) output of the arts, entertainment, recreation, accommodation, and food services industries in Maine.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the overall health and productivity of Maine's leisure and hospitality sectors, which are important drivers of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this metric to monitor economic conditions and consumer demand in Maine's tourism and service industries.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Maine (MEARTETRTACCFDQGSP), retrieved from FRED.