Real Gross Domestic Product: Machinery Manufacturing (333) in Minnesota
MNMACHMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,478.30
Year-over-Year Change
14.08%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the machinery manufacturing industry (NAICS code 333) in the state of Minnesota. It is an important indicator of the health and productivity of this key industrial sector within 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
The Real Gross Domestic Product: Machinery Manufacturing (333) in Minnesota series tracks the inflation-adjusted output of the machinery manufacturing industry in Minnesota. This data provides insight into the productivity and competitiveness of this critical component of the state's manufacturing base.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Economists and policymakers monitor this trend to assess the performance and competitive position of Minnesota's machinery manufacturing industry within regional, national, and global markets.
Key Facts
- Minnesota is a leading state for machinery manufacturing.
- This industry accounts for over 10% of the state's total GDP.
- The machinery manufacturing sector employs over 50,000 workers in Minnesota.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the machinery manufacturing industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This data provides valuable insight into the productivity and competitiveness of a key manufacturing sector within Minnesota's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this trend to assess the performance and competitiveness of Minnesota's machinery manufacturing industry within regional, national, and global markets.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Machinery Manufacturing (333) in Minnesota (MNMACHMANRGSP), retrieved from FRED.