Chain-Type Quantity Index for Real GDP: Wood Product Manufacturing (321) in Minnesota
MNWPMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
95.46
Year-over-Year Change
-10.06%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Wood Product Manufacturing (321) in Minnesota measures the inflation-adjusted output of the wood products manufacturing industry in the state. This trend is important for understanding Minnesota's economic performance and industrial composition.
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 changes in the real, or inflation-adjusted, production levels of Minnesota's wood product manufacturing sector over time. It is a valuable indicator of the industry's productivity and competitiveness within the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
Policymakers and industry analysts use this metric to assess the health and trajectory of Minnesota's wood products manufacturing sector.
Key Facts
- Minnesota is a major producer of wood products in the U.S.
- The wood products industry accounts for over 20,000 jobs in the state.
- This index has shown steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted output or production levels of the wood product manufacturing industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the performance and competitiveness of Minnesota's wood products manufacturing sector, which is a significant part 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 industry analysts use this index to assess the health and trajectory of Minnesota's wood products manufacturing sector, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: There may be some time lag in the data availability, as it is released by the government statistical agencies.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Wood Product Manufacturing (321) in Minnesota (MNWPMANQGSP), retrieved from FRED.