Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Rhode Island
RILEGALQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
94.08
Year-over-Year Change
-20.00%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Rhode Island measures the inflation-adjusted output of the legal services industry in the state. This economic indicator provides insights into the performance and productivity of a critical professional service 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 Chain-Type Quantity Index tracks the real, volume-based production in the legal services industry, which encompasses firms and individuals providing a range of legal advice and representation. This measure helps economists and policymakers understand the overall health and growth dynamics of the professional services economy in Rhode Island.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level price and quantity information.
Historical Context
Trends in legal services activity are closely watched by economists and lawmakers for their implications on employment, business investment, and broader economic conditions.
Key Facts
- The legal services industry accounts for over 2% of Rhode Island's total economic output.
- Legal services employment in Rhode Island has grown by 8% over the past 5 years.
- This index uses 2012 as the base year for measuring real production changes.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Rhode Island measures the inflation-adjusted output or production of the legal services industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the performance and productivity of a critical professional service sector, which has implications for employment, business investment, and broader economic conditions in Rhode Island.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level price and quantity information.
Q: How is this trend used in economic policy?
A: Trends in legal services activity are closely watched by economists and lawmakers for their implications on the professional services economy and overall state economic conditions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Rhode Island (RILEGALQGSP), retrieved from FRED.