Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Montana
MTPROSCITCHQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
187.06
Year-over-Year Change
109.44%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Montana measures the inflation-adjusted 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 the volume of goods and services produced by Montana's professional, scientific, and technical services industry, a major contributor to the state's economy. It is used by analysts and policymakers to assess economic growth and productivity trends in this vital service sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using chain-type quantity indexes.
Historical Context
Trends in this index are closely watched for insights into the overall health of Montana's economy.
Key Facts
- The index is measured with 2012 as the base year.
- Professional services make up about 10% of Montana's total GDP.
- The index reached a high of 123.36 in 2018.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted output of Montana's professional, scientific, and technical services sector, which includes industries like accounting, engineering, and consulting.
Q: Why is this trend relevant for users or analysts?
A: Trends in this index provide insights into the productivity and growth of an important service industry in Montana's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using chain-type quantity indexes.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this index to gauge the health of Montana's professional services sector and its contribution to overall economic activity in the state.
Q: Are there update delays or limitations?
A: The index is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month delay.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Montana (MTPROSCITCHQGSP), retrieved from FRED.