Chain-Type Quantity Index for Real GDP: Nondurable Goods Manufacturing (311-316, 322-326) in North Dakota
NDNDURMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
113.34
Year-over-Year Change
20.29%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Nondurable Goods Manufacturing (311-316, 322-326) in North Dakota measures the real output of nondurable goods manufacturing industries in the state. This metric is crucial for assessing the health and productivity of North Dakota's manufacturing 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
This index tracks the real, inflation-adjusted output of North Dakota's nondurable goods manufacturing industries, including food, beverage, textile, paper, printing, and chemical production. It serves as an important indicator of manufacturing activity and economic conditions in the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting procedures.
Historical Context
Policymakers and economists use this index to monitor the performance of North Dakota's nondurable goods manufacturing industries and their contribution to the state's overall economic growth.
Key Facts
- North Dakota's nondurable goods manufacturing accounts for over 10% of the state's GDP.
- The index has shown steady growth in recent years, indicating a strengthening manufacturing sector.
- Nondurable goods manufacturing employs more than 25,000 workers in North Dakota.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Nondurable Goods Manufacturing (311-316, 322-326) in North Dakota measures the real, inflation-adjusted output of the state's nondurable goods manufacturing industries.
Q: Why is this trend relevant for users or analysts?
A: This index is a crucial indicator of the health and productivity of North Dakota's manufacturing sector, which is a significant contributor to the state's overall economic growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting procedures.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this index to monitor the performance of North Dakota's nondurable goods manufacturing industries and their contribution to the state's economic growth.
Q: Are there update delays or limitations?
A: The data is published quarterly with a delay of approximately two months, which is typical for economic indicators of this nature.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Nondurable Goods Manufacturing (311-316, 322-326) in North Dakota (NDNDURMANQGSP), retrieved from FRED.