Real Gross Domestic Product: Legal Services (5411) in Mississippi
MSLEGALRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
984.40
Year-over-Year Change
-16.59%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the legal services industry in Mississippi. It provides insights into the economic performance and productivity of this key professional services sector in 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 legal services industry in Mississippi represents the total economic output of legal firms and practices, adjusted for inflation. This metric is used by economists and policymakers to analyze the contributions of the legal sector to the state's overall economic activity and growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Historical Context
Trends in the legal services GDP help inform policy decisions and business strategies related to the professional services industry in Mississippi.
Key Facts
- Mississippi's legal services GDP was $2.4 billion in 2021.
- The legal sector accounts for 2.4% of Mississippi's total GDP.
- Real legal services GDP grew by 3.2% in Mississippi from 2020 to 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the legal services industry in the state of Mississippi.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the economic performance and productivity of the legal services sector, which is a key professional industry in Mississippi.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Q: How is this trend used in economic policy?
A: Trends in the legal services GDP help inform policy decisions and business strategies related to the professional services industry in Mississippi.
Q: Are there update delays or limitations?
A: The data is published with a lag, but provides a reliable indicator of the legal services industry's economic contribution in Mississippi.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Legal Services (5411) in Mississippi (MSLEGALRGSP), retrieved from FRED.