Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in North Dakota
NDMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
120.45
Year-over-Year Change
25.22%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in North Dakota measures the inflation-adjusted output of the state's manufacturing sector. This metric is important for policymakers and analysts to assess the health and growth of North Dakota's economy.
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 real, volume-based production of North Dakota's manufacturing industries, which includes subsectors like durable and nondurable goods. It is a key indicator of the state's industrial activity and economic performance.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach.
Historical Context
Trends in this index are closely monitored by state officials, businesses, and economic researchers to inform policy decisions and investment strategies.
Key Facts
- North Dakota is a major agricultural and energy-producing state.
- Manufacturing accounts for about 10% of the state's GDP.
- The index uses 2012 as the base year.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in North Dakota measures the inflation-adjusted output of the state's manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for policymakers and analysts to assess the health and growth of North Dakota's economy, as manufacturing is a key industry in the state.
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 approach.
Q: How is this trend used in economic policy?
A: Trends in this index are closely monitored by state officials, businesses, and economic researchers to inform policy decisions and investment strategies.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis with typical update delays of 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in North Dakota (NDMANQGSP), retrieved from FRED.