Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Minnesota
MNLEGALQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
106.22
Year-over-Year Change
2.62%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Minnesota measures the real output of the legal services industry in the state. This trend is important for economists and policymakers to understand the dynamics of Minnesota's professional services sector.
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 represents the real, inflation-adjusted volume of legal services output in Minnesota. It is a valuable indicator of the legal industry's economic contribution and can provide insights into the state's broader professional services landscape.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-specific price deflators.
Historical Context
Policymakers and industry analysts monitor this trend to assess the health and competitiveness of Minnesota's legal services sector.
Key Facts
- The index base year is 2012.
- Legal services account for around 2% of Minnesota's GDP.
- The trend has grown by 12% since 2015.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Minnesota measures the real, inflation-adjusted output of the legal services industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the economic performance and competitiveness of Minnesota's legal services sector, which is an important component of the state's professional services industry.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-specific price deflators.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts monitor this trend to assess the health and competitiveness of Minnesota's legal services sector, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is released quarterly with a delay of approximately 3 months.
Related Trends
Gross Domestic Product: Government and Government Enterprises (92) in Minnesota
MNGOVNQGSP
All Employees: Non-Durable Goods: Food Manufacturing in Minnesota
SMU27000003231100001A
Information Earnings in Minnesota
MNEINF
Administrative and Waste Services Earnings in Minnesota
MNEADM
All Employees: Food Services and Drinking Places in Minnesota
SMU27000007072200001A
Educational Services Wages and Salaries in Minnesota
MNWEDU
Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Minnesota (MNLEGALQGSP), retrieved from FRED.