Chain-Type Quantity Index for Real GDP: Furniture and Related Product Manufacturing (337) in Rhode Island
RIFURNMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
78.81
Year-over-Year Change
-6.23%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Furniture and Related Product Manufacturing (337) in Rhode Island measures the real output of the furniture manufacturing industry in the state over time. This metric is crucial for policymakers and analysts to gauge the economic health and productivity of this key 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 volume of real (inflation-adjusted) production in the furniture manufacturing industry in Rhode Island. It serves as an important indicator of economic conditions and trends in this vital component of the state's manufacturing base.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys of furniture producers.
Historical Context
Trends in this index are closely monitored by state and federal economic policymakers to inform decisions on industry support, trade policy, and broader economic management.
Key Facts
- This index has a base year of 2012 = 100.
- Furniture manufacturing is a major employer and contributor to Rhode Island's economy.
- Declines in this index can signal broader challenges in the state's industrial sector.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of the furniture manufacturing industry in Rhode Island over time.
Q: Why is this trend relevant for users or analysts?
A: Trends in this index provide valuable insights into the health and productivity of a key manufacturing sector in the Rhode Island economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys of furniture producers.
Q: How is this trend used in economic policy?
A: Policymakers at the state and federal level closely monitor this index to inform decisions on industry support, trade policy, and broader economic management.
Q: Are there update delays or limitations?
A: There may be some time lag in the availability of the latest data, as is common with many economic indicators.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Furniture and Related Product Manufacturing (337) in Rhode Island (RIFURNMANQGSP), retrieved from FRED.