Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in Minnesota
MNMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
100.56
Year-over-Year Change
10.11%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in Minnesota measures the real output of the manufacturing sector in the state. This indicator is crucial for understanding the health and productivity of Minnesota'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 tracks the inflation-adjusted volume of goods produced by Minnesota's manufacturing industries, which are a significant driver of the state's economic activity. Economists and policymakers use this metric to gauge the competitiveness and growth potential of the state's manufacturing base.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
This trend provides valuable insights for businesses, investors, and policymakers monitoring the performance of Minnesota's manufacturing sector and its contribution to the state's overall economic outlook.
Key Facts
- Minnesota's manufacturing sector accounts for over 13% of the state's GDP.
- The index uses 2012 as the base year with a value of 100.
- Manufacturing has been a key driver of Minnesota's economic growth in recent years.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in Minnesota measures the inflation-adjusted output or real production volume of the state's manufacturing industries.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the health and competitiveness of Minnesota's manufacturing sector, which is a critical component of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Q: How is this trend used in economic policy?
A: Policymakers and economic development agencies use this index to monitor the performance of Minnesota's manufacturing industries and inform decisions related to investment, trade, and industrial policies.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and the index may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in Minnesota (MNMANQGSP), retrieved from FRED.