Real Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Minnesota
Annual, Not Seasonally Adjusted
MNOTHSERVERGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,221.90
Year-over-Year Change
3.59%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Annual, Not Seasonally Adjusted' series measures the real gross state product (GSP) for the non-farm service-providing sector in the United States. This metric provides insight into the overall health and growth of the service-based 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 non-farm service-providing sector encompasses a wide range of industries, including trade, transportation, utilities, information, financial activities, professional and business services, education, health care, and leisure and hospitality. Analyzing the GSP for this sector helps economists and policymakers understand broader economic trends and development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) based on surveys and economic indicators.
Historical Context
This metric is frequently used to inform economic policy decisions and evaluate the performance of regional and national service-based economies.
Key Facts
- The service sector accounts for over 75% of U.S. GDP.
- Service-providing industries employ over 85% of the U.S. workforce.
- Growth in the service sector is a key indicator of overall economic health.
FAQs
Q: What does this economic trend measure?
A: The 'Annual, Not Seasonally Adjusted' series measures the real gross state product (GSP) for the non-farm service-providing sector in the United States.
Q: Why is this trend relevant for users or analysts?
A: Analyzing the GSP for the service-providing sector helps economists and policymakers understand broader economic trends and development, as the service sector is a dominant and critical component of the U.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 (BEA) based on surveys and economic indicators.
Q: How is this trend used in economic policy?
A: This metric is frequently used to inform economic policy decisions and evaluate the performance of regional and national service-based economies.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, so there may be a delay in accessing the most recent information.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (MNOTHSERVERGSP), retrieved from FRED.