Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in North Carolina
NCMISCPROQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
166.55
Year-over-Year Change
115.40%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services in North Carolina measures the real output growth 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 change in real GDP, or total economic output adjusted for inflation, specifically within the miscellaneous professional, scientific, and technical services industry in North Carolina. It is a valuable indicator of activity and productivity in this knowledge-based economic segment.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to measure real output changes over time.
Historical Context
This trend is closely monitored by economists and policymakers to understand the health and dynamics of North Carolina's professional services industry.
Key Facts
- The index uses 2012 as the base year.
- Professional services account for over 10% of North Carolina's GDP.
- This sector has seen steady growth in recent decades.
FAQs
Q: What does this economic trend measure?
A: This index measures the real output growth of the miscellaneous professional, scientific, and technical services industry in North Carolina.
Q: Why is this trend relevant for users or analysts?
A: It provides insight into the health and dynamics of a key knowledge-based economic sector in the state.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates this index using a chain-weighted formula to measure real output changes over time.
Q: How is this trend used in economic policy?
A: Economists and policymakers closely monitor this index to understand the state of North Carolina's professional services industry and its contribution to the overall economy.
Q: Are there update delays or limitations?
A: The data is released on a regular schedule by the U.S. Bureau of Economic Analysis, with potential delays due to the comprehensive nature of the underlying economic statistics.
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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 North Carolina (NCMISCPROQGSP), retrieved from FRED.