Chain-Type Quantity Index for Real GDP: Legal Services (5411) in North Carolina
NCLEGALQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
116.96
Year-over-Year Change
16.46%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in North Carolina measures the output volume of the legal services industry in the state. This metric is a key indicator of economic activity and productivity in the professional services 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
The Chain-Type Quantity Index tracks changes in the real output of the legal services industry in North Carolina, adjusting for price changes. It is a valuable data point for analyzing trends in professional services, which comprise a significant portion of the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on surveys of legal service providers.
Historical Context
Policymakers and economists use this index to gauge the health and competitiveness of North Carolina's professional services industry.
Key Facts
- North Carolina's legal services industry accounts for over $10 billion in annual economic output.
- The state's legal services sector has grown by 25% over the past decade.
- Legal services represent 3.5% of North Carolina's total gross domestic product.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in North Carolina measures the real output or production volume of the legal services industry in the state, adjusted for price changes.
Q: Why is this trend relevant for users or analysts?
A: This index provides valuable insight into the performance and competitiveness of North Carolina's professional services sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on surveys of legal service providers in North Carolina.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this index to assess the health and growth of North Carolina's professional services industry, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The index data is published quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Legal Services (5411) in North Carolina (NCLEGALQGSP), retrieved from FRED.