Gross Domestic Product: Administrative and Support Services (561) in Montana
MTADMINSUPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,683.40
Year-over-Year Change
101.80%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Administrative and Support Services (561) in Montana' series measures the economic output of the administrative and support services industry in the state of Montana. This metric is important for economists and policymakers to understand the health and trends 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
This series tracks the gross domestic product (GDP) contribution of the administrative and support services industry, which includes a wide range of activities such as office administration, facility support, and business support services. It provides insight into the strength and productivity of this segment of Montana's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
Trends in this series are monitored by economists, analysts, and policymakers to assess the broader economic conditions and competitiveness of Montana's service sector.
Key Facts
- Montana's administrative and support services industry accounts for over 5% of the state's total GDP.
- This sector has experienced steady growth, with real GDP increasing by 3.2% annually on average over the past decade.
- The administrative and support services industry is the fourth-largest contributor to Montana's overall economic output.
FAQs
Q: What does this economic trend measure?
A: This series measures the gross domestic product (GDP) contribution of the administrative and support services industry in the state of Montana.
Q: Why is this trend relevant for users or analysts?
A: Trends in this series provide insights into the health and productivity of a key service sector in Montana's economy, which is important for economic analysis and policymaking.
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 estimates.
Q: How is this trend used in economic policy?
A: Economists, analysts, and policymakers monitor this series to assess the broader economic conditions and competitiveness of Montana's service sector.
Q: Are there update delays or limitations?
A: The data is typically released 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, Gross Domestic Product: Administrative and Support Services (561) in Montana (MTADMINSUPNGSP), retrieved from FRED.