Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Missouri
MOPROBUSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
52,126.60
Year-over-Year Change
54.16%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the professional and business services sector in Missouri. It provides insights into the performance and growth of key service industries within the state'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
The Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Missouri metric tracks the inflation-adjusted output of industries such as legal services, accounting, architecture, management, and administrative support. This data is used by economists and policymakers to analyze the broader economic conditions and competitiveness of Missouri's service sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is relevant for understanding the state's economic development and assessing the health of its service-oriented industries, which are important drivers of employment and broader economic activity.
Key Facts
- Missouri's professional and business services sector accounts for over 15% of the state's total GDP.
- This trend has shown steady growth over the past decade, outpacing the national average.
- The professional and business services industry is a major employer in Missouri, providing jobs for nearly 700,000 workers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the professional and business services sector in the state of Missouri.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and competitiveness of Missouri's service-oriented industries, which are important drivers of the state's overall economic activity and employment.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the health and growth of Missouri's service sector, which informs economic development strategies and policies aimed at supporting key industries.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Missouri (MOPROBUSRGSP), retrieved from FRED.