Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Montana
MTPROBUSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
177.39
Year-over-Year Change
88.35%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Montana measures the real output of this key economic 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
This index tracks changes in the volume of goods and services produced by professional, scientific, technical, management, administrative, and waste management establishments in Montana. It provides a gauge of the state's economic activity and productivity in these service-oriented industries.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to adjust for inflation.
Historical Context
Policymakers and analysts use this trend to assess the overall health and competitiveness of Montana's professional and business services sector.
Key Facts
- Covers a wide range of professional, scientific, and technical services.
- Index is chain-weighted to account for inflation and changes in the economy.
- Provides insight into a key driver of Montana's economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real output of the professional and business services sector in Montana, including industries like legal, accounting, consulting, management, and waste management services.
Q: Why is this trend relevant for users or analysts?
A: This index provides valuable insight into the performance and productivity of a crucial service-oriented industry in Montana's economy, helping policymakers and businesses assess the state's overall economic health and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to adjust for inflation and changes in the economy over time.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to evaluate the strength and competitiveness of Montana's professional and business services sector, which is an important driver of the state's overall economic output and productivity.
Q: Are there update delays or limitations?
A: The data is subject to the typical release schedule and revision cycle of the U.S. Bureau of Economic Analysis, so there may be a brief delay before the most recent figures are available.
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Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Montana
MTPROBUSQQGSP
Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Montana (MTPROBUSQGSP), retrieved from FRED.