Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Ohio
OHPROBUSQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
145.91
Year-over-Year Change
13.19%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Ohio measures the real, inflation-adjusted output of the professional services sector in the state. This data provides insight into the economic performance and productivity of this important industry.
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 the volume of goods and services produced in the professional, scientific, and technical services sector in Ohio. This metric is used to analyze trends in economic activity, productivity, and industry growth over time.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to account for changes in prices and quantities.
Historical Context
This economic indicator is closely monitored by policymakers, economists, and industry analysts to understand the health and competitiveness of Ohio's professional services sector.
Key Facts
- Ohio's professional services sector accounts for over 10% of the state's total GDP.
- The index has shown steady growth in recent years, indicating rising productivity.
- The professional services industry is a key driver of Ohio's economic competitiveness.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted output of the professional, scientific, and technical services sector in the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides valuable insight into the economic performance and productivity of an important industry, which is closely monitored by policymakers, economists, and industry analysts.
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 methodology to account for changes in prices and quantities.
Q: How is this trend used in economic policy?
A: This economic indicator is used by policymakers, economists, and industry analysts to understand the health and competitiveness of Ohio's professional services sector, which is a key driver of the state's economic growth.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical delay of 3-4 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Ohio (OHPROBUSQQGSP), retrieved from FRED.