Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Minnesota
MNFOODDPQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
93.11
Year-over-Year Change
7.25%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Minnesota measures the real output of the food services and drinking places industry in the state. This economic indicator is important for understanding trends in the food service sector and consumer spending.
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 Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Minnesota tracks the real output (adjusted for inflation) of establishments that prepare meals, snacks, and beverages for immediate consumption, such as restaurants, cafeterias, and bars. This metric provides insight into the state's food service industry performance and consumer demand.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of the national accounts system.
Historical Context
This economic trend is used by policymakers, researchers, and businesses to analyze the strength of Minnesota's food service sector and make informed decisions.
Key Facts
- This index uses 2012 as the base year.
- The food services and drinking places industry accounts for about 2% of Minnesota's GDP.
- This metric can signal changes in consumer confidence and discretionary spending.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Minnesota measures the real output of the food services and drinking places industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance of Minnesota's food service sector and consumer demand, which is useful for policymakers, researchers, and businesses.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of the national accounts system.
Q: How is this trend used in economic policy?
A: This economic trend is used by policymakers, researchers, and businesses to analyze the strength of Minnesota's food service sector and make informed decisions.
Q: Are there update delays or limitations?
A: The data is subject to the update schedule and limitations of the national accounts system.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Minnesota (MNFOODDPQGSP), retrieved from FRED.