Chain-Type Quantity Index for Real GDP: Legal Services (5411) in North Dakota
NDLEGALQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
91.15
Year-over-Year Change
-0.11%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in North Dakota measures the inflation-adjusted output of the legal services industry in the state. This trend is an important 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 Dakota over time. Economists and policymakers use this data to assess the health and growth of the state's professional services sector, which is a key component of the broader economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting methods.
Historical Context
This trend provides insight into the performance of North Dakota's legal services market, which can inform business decisions and economic policies.
Key Facts
- The index is based on 2012 reference year data.
- Legal services account for over 5% of North Dakota's total GDP.
- The index reached a record high in 2018.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted output of the legal services industry in North Dakota. It tracks changes in the real production of legal services over time.
Q: Why is this trend relevant for users or analysts?
A: This data provides valuable insights into the performance and productivity of North Dakota's professional services sector, which is an important 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 using established national accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and analysts can use this trend to assess the health and growth of North Dakota's legal services industry, which can inform business decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Legal Services (5411) in North Dakota (NDLEGALQGSP), retrieved from FRED.