Gross Domestic Product: Social Assistance (624) in Mississippi
MSSOCASSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,108.70
Year-over-Year Change
88.46%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Social Assistance (624) in Mississippi measures the economic output of the social assistance industry in the state. This data is crucial for understanding the role of the social services sector in Mississippi'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
This series tracks the total value added by the social assistance industry, which includes organizations providing individual and family services, community food and housing, and emergency and other relief services. It is an important indicator of the scale and contribution of the social services sector to Mississippi's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its GDP by state program.
Historical Context
Policymakers and economists use this data to assess the economic significance of the social assistance industry and its relationship to broader economic trends in Mississippi.
Key Facts
- The social assistance industry accounts for 2.3% of Mississippi's GDP.
- Social assistance GDP in Mississippi grew by 4.1% in 2021.
- The social assistance sector employs over 40,000 workers in Mississippi.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output or value added by the social assistance industry in Mississippi, including organizations providing individual and family services, community food and housing, and emergency relief.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding the role and significance of the social services sector in Mississippi's overall economy, which is crucial information for policymakers, economists, and industry analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its Gross Domestic Product by state program.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to assess the economic contribution of the social assistance industry and its relationship to broader economic trends in Mississippi, which can inform policy decisions and resource allocation.
Q: Are there update delays or limitations?
A: There may be a delay of several quarters before the latest data is published, and the data may be subject to periodic revisions by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Social Assistance (624) in Mississippi (MSSOCASSNGSP), retrieved from FRED.