Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Maine
MEPROSCITCHQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
164.71
Year-over-Year Change
92.53%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Maine measures the inflation-adjusted output of this industry sector in the state. It is a key economic indicator for understanding growth and productivity trends in Maine's knowledge-based services.
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, or inflation-adjusted, production of professional, scientific, and technical services in Maine. It is a useful gauge of economic performance and competitiveness in this important high-skill services industry for the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to account for price changes over time.
Historical Context
This index informs policymakers and analysts about the health and dynamics of Maine's knowledge economy.
Key Facts
- Maine's professional services sector accounts for over 10% of the state's GDP.
- This index uses 2012 as the base year for inflation adjustment.
- The data is updated quarterly by the U.S. Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of the professional, scientific, and technical services industry in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into the growth and productivity of a key high-skill services sector that is important for Maine's overall economic performance and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to account for price changes over time.
Q: How is this trend used in economic policy?
A: This index informs policymakers and analysts about the dynamics of Maine's knowledge-based economy, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical 1-2 month lag from the end of the reference period.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Maine (MEPROSCITCHQGSP), retrieved from FRED.