Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Missouri
MOMISCPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
17,213.70
Year-over-Year Change
88.10%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Missouri. It provides insights into the economic performance and growth of this key service sector.
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 MOMISCPRONGSP series tracks the GDP contribution of establishments engaged in professional, scientific, and technical services in Missouri, including legal services, accounting, architectural and engineering services, and other specialized consulting fields. This indicator is used to assess the overall health and productivity of Missouri's knowledge-based economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting principles.
Historical Context
Policymakers and business leaders monitor this trend to understand Missouri's competitive position and growth in high-skilled service industries.
Key Facts
- Missouri's miscellaneous professional services GDP was $24.8 billion in 2021.
- This sector accounts for 7.5% of Missouri's total GDP.
- The industry grew by 2.9% in 2021 after a 0.4% decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in the state of Missouri.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the economic performance and growth of Missouri's knowledge-based service sector, which is an important driver of the state's overall economic activity.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and business leaders monitor this trend to understand Missouri's competitive position and growth in high-skilled service industries, which can inform economic development strategies.
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 as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Missouri (MOMISCPRONGSP), retrieved from FRED.