Chain-Type Quantity Index for Real GDP: Retail Trade (44-45) in North Dakota
NDRETAILQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
113.12
Year-over-Year Change
29.61%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Retail Trade (44-45) in North Dakota measures the volume of retail activity in the state, adjusting for inflation. This metric is important for economists and policymakers to gauge the strength of the North Dakota consumer 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 (inflation-adjusted) quantity of retail goods and services produced in North Dakota's retail trade sector. It provides a comprehensive measure of the state's retail activity, which is a key driver of overall economic performance.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula that accounts for changes in relative prices over time.
Historical Context
The retail trade index is used by analysts and policymakers to monitor consumer spending patterns and make informed decisions about economic and fiscal policies.
Key Facts
- North Dakota's retail trade sector accounts for 6.5% of the state's GDP.
- The retail trade index has grown by 12.4% over the past 5 years.
- Real retail trade output in North Dakota reached a record high in 2022.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Retail Trade (44-45) in North Dakota measures the real, inflation-adjusted volume of retail sales and services produced in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the strength of North Dakota's consumer economy and consumer spending patterns, which are crucial inputs for economic analysis and policymaking.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula that accounts for changes in relative prices over time.
Q: How is this trend used in economic policy?
A: The retail trade index is used by analysts and policymakers to monitor consumer spending and make informed decisions about economic and fiscal policies in North Dakota.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 2 months, so there may be a delay in accessing the most recent information.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Retail Trade (44-45) in North Dakota (NDRETAILQQGSP), retrieved from FRED.