Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Montana
MTMISCPROQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
170.70
Year-over-Year Change
98.95%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services in Montana measures the volume of economic output in this important service sector over time.
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 index tracks changes in the real, inflation-adjusted value of economic activity in professional, scientific, and technical services industries in Montana, a key indicator of productivity and growth in the state's knowledge-based economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP information.
Historical Context
Policymakers and analysts use this index to monitor trends in Montana's service sector and make informed decisions.
Key Facts
- This index has a base year of 2012.
- Professional and technical services account for over 10% of Montana's GDP.
- The index showed a 3.2% increase in 2021 compared to the prior year.
FAQs
Q: What does this economic trend measure?
A: This index measures the volume or quantity of real economic output in Montana's professional, scientific, and technical services industries over time.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into the productivity and growth of Montana's knowledge-based economy, which is crucial for understanding the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP information.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to monitor trends in Montana's service sector and make informed decisions about economic development, workforce planning, and other policy priorities.
Q: Are there update delays or limitations?
A: The index is updated annually by the Bureau of Economic Analysis, with a typical 1-year delay in data availability.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Montana (MTMISCPROQGSP), retrieved from FRED.