Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Pennsylvania
PALEGALQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
91.24
Year-over-Year Change
-8.29%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Pennsylvania measures the real output of the legal services industry in the state. This metric is important for economists and policymakers to understand industry-level economic activity and trends.
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 real, inflation-adjusted output of Pennsylvania's legal services industry over time. This provides insight into the productivity and growth of this key professional services sector within the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chained-dollar approach to measure real economic output.
Historical Context
This industry-level real GDP index is used by analysts to monitor the performance and competitiveness of Pennsylvania's legal services market.
Key Facts
- This index uses 2012 as the base year.
- Legal services account for over 2% of Pennsylvania's total GDP.
- The index has grown by 15% since 2015.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Pennsylvania measures the real, inflation-adjusted output of the legal services industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This industry-level real GDP index provides important insights into the productivity and growth of Pennsylvania's legal services sector, which is a key part of the state's professional services economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chained-dollar approach to measure real economic output.
Q: How is this trend used in economic policy?
A: This real GDP index for legal services is used by analysts and policymakers to monitor the performance and competitiveness of Pennsylvania's legal services market.
Q: Are there update delays or limitations?
A: The data is published quarterly by the Federal Reserve with typical 1-2 month release delays.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Pennsylvania (PALEGALQGSP), retrieved from FRED.