Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Minnesota
MNPROBUSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
60,346.10
Year-over-Year Change
60.48%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the real gross domestic product (GDP) of the professional and business services sector in Minnesota. It provides insights into the economic performance and productivity of this key industry within the state.
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 GDP of the professional and business services sector is a widely used indicator for analyzing the economic health and growth of Minnesota's economy. It encompasses a range of activities such as legal services, accounting, consulting, and administrative support.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
This trend is closely monitored by policymakers, businesses, and economists to understand the state's economic conditions and guide investment and policy decisions.
Key Facts
- The professional and business services sector accounts for over 15% of Minnesota's GDP.
- This trend has shown steady growth over the past decade, outpacing the overall state economy.
- Minnesota's professional and business services sector is a key driver of high-skilled employment and innovation.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the professional and business services sector in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and productivity of a key industry within Minnesota's economy, which is important for policymakers, businesses, and economists to monitor.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, businesses, and economists to understand the state's economic conditions and guide investment and policy decisions.
Q: Are there update delays or limitations?
A: The data is updated regularly by the U.S. Bureau of Economic Analysis, but there may be some delays in the availability of the most recent figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Minnesota (MNPROBUSRGSP), retrieved from FRED.