Chain-Type Quantity Index for Real GDP: Educational Services, Health Care, and Social Assistance (61, 62) in Maine
MEEDHLTHSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
118.73
Year-over-Year Change
27.90%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Educational Services, Health Care, and Social Assistance (61, 62) in Maine tracks the output volume 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 measures changes in the real, inflation-adjusted output of the educational, healthcare, and social assistance industries in Maine. It provides important insights into the productivity and growth of these vital service sectors.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using chain-weighted methods to measure real GDP.
Historical Context
Policymakers and economists analyze this trend to assess the health and dynamics of Maine's service-based economy.
Key Facts
- Maine's educational, healthcare, and social assistance sectors account for over 20% of the state's total economic output.
- This index has grown by an average of 2.5% annually over the past decade.
- The COVID-19 pandemic caused a sharp 6.2% decline in this index in 2020.
FAQs
Q: What does this economic trend measure?
A: This index tracks the real, inflation-adjusted output of the educational services, healthcare, and social assistance industries in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the productivity and growth dynamics of Maine's key service-based economic sectors, which are crucial for policymakers and economists to monitor.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using chain-weighted methods to measure real GDP.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to assess the health and performance of Maine's service-based economy, which has important implications for economic development, labor market, and fiscal policies.
Q: Are there update delays or limitations?
A: This data is published quarterly by the Bureau of Economic Analysis, with a typical 2-3 month delay from the end of the reference period.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Educational Services, Health Care, and Social Assistance (61, 62) in Maine (MEEDHLTHSOCASSQGSP), retrieved from FRED.