Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Rhode Island
RIFURNMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
58.40
Year-over-Year Change
-6.26%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the furniture and related product manufacturing industry in Rhode Island. It provides insights into the performance and economic contribution of this important 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
The Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Rhode Island series tracks the inflation-adjusted output of this industry within the state's economy. It is a key indicator of productivity, competitiveness, and growth trends in this manufacturing segment.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic metric informs policymakers, businesses, and analysts about the state of Rhode Island's furniture manufacturing industry and its role in the broader economic landscape.
Key Facts
- Rhode Island's furniture manufacturing industry contributed $X.X billion to state GDP in 20XX.
- The sector employed over X,XXX workers in Rhode Island as of the latest data.
- Real GDP in furniture manufacturing has grown by X% in Rhode Island over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the furniture and related product manufacturing industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance, productivity, and economic contribution of a key manufacturing sector within Rhode Island's economy, informing business and policy decisions.
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: Policymakers, businesses, and analysts use this industry-level GDP data to assess the state of Rhode Island's furniture manufacturing sector and its role in the broader state economy.
Q: Are there update delays or limitations?
A: There may be delays of several months in the release of the latest data, and the series may be subject to periodic revisions by the collecting agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Rhode Island (RIFURNMANRGSP), retrieved from FRED.