Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Mississippi
MSPROSCITCHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,977.60
Year-over-Year Change
40.49%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the real gross domestic product (GDP) of the professional, scientific, and technical services industry in Mississippi. It provides insights into the economic performance and productivity of this important 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 real GDP of the professional, scientific, and technical services industry is a key indicator of the sector's contribution to the overall economic activity in Mississippi. It reflects the volume of goods and services produced, adjusting for inflation to enable meaningful comparisons over time.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This metric is closely watched by policymakers, analysts, and businesses to gauge the health and growth prospects of Mississippi's professional services industry.
Key Facts
- The professional, scientific, and technical services industry accounts for over 8% of Mississippi's GDP.
- This sector has experienced steady growth, outpacing the state's overall economic expansion.
- Mississippi's professional services industry is a key driver of job creation and innovation.
FAQs
Q: What does this economic trend measure?
A: This series measures the real gross domestic product (GDP) of the professional, scientific, and technical services industry in Mississippi.
Q: Why is this trend relevant for users or analysts?
A: The real GDP of the professional services sector provides insights into the economic performance and productivity of this important industry, which is closely watched by policymakers and businesses.
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: This metric is used by policymakers, analysts, and businesses to gauge the health and growth prospects of Mississippi's professional services industry, which is a key driver of economic activity in the state.
Q: Are there update delays or limitations?
A: The data is subject to the standard release schedule and revision processes of the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Mississippi (MSPROSCITCHRGSP), retrieved from FRED.