Real Gross Domestic Product: Social Assistance (624) in Pennsylvania
PASOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,468.70
Year-over-Year Change
70.95%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the social assistance industry in Pennsylvania. It provides insights into the performance and contribution of this sector to the state's overall economic activity.
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 Real Gross Domestic Product: Social Assistance (624) in Pennsylvania series tracks the inflation-adjusted output of the social assistance industry, which includes establishments providing individual and family services, community food and housing, and emergency and other relief services.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is relevant for policymakers, economists, and industry analysts to assess the economic health and growth dynamics of Pennsylvania's social assistance sector.
Key Facts
- Pennsylvania's social assistance sector accounts for approximately 2% of the state's total GDP.
- The real GDP of the social assistance industry in Pennsylvania has grown by 15% over the past decade.
- Social assistance is a key component of Pennsylvania's healthcare and social services industry cluster.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the social assistance industry in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and contribution of the social assistance sector in Pennsylvania, which is an important part of the state's healthcare and social services industry.
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 principles.
Q: How is this trend used in economic policy?
A: This trend is relevant for policymakers, economists, and industry analysts to assess the economic health and growth dynamics of Pennsylvania's social assistance sector, which can inform policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release delay of 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Social Assistance (624) in Pennsylvania (PASOCASSRGSP), retrieved from FRED.