Chain-Type Quantity Index for Real GDP: Machinery Manufacturing (333) in Rhode Island
RIMACHMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
85.12
Year-over-Year Change
8.34%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Machinery Manufacturing (333) in Rhode Island measures the inflation-adjusted output of the machinery manufacturing industry in the state. This metric is important for economists and policymakers to assess the health and competitiveness of a 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 real (inflation-adjusted) production volume of machinery manufacturing businesses in Rhode Island. It is a valuable indicator of the industry's productivity, efficiency, and contribution to the state's overall economic performance.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using production and price information from manufacturing surveys.
Historical Context
Economists and industry analysts use this index to evaluate trends in Rhode Island's machinery manufacturing sector and its impact on the broader state economy.
Key Facts
- Machinery manufacturing accounts for over 10% of Rhode Island's GDP.
- This index has increased by 15% over the past 5 years.
- The state's machinery industry employs over 8,000 workers.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of the machinery 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 productivity and competitiveness of a key manufacturing sector in the Rhode Island economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using production and price information from manufacturing surveys.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this index to evaluate the health and growth of Rhode Island's machinery manufacturing industry and its impact on the broader state economy.
Q: Are there update delays or limitations?
A: This data is published quarterly with a 2-3 month delay, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Machinery Manufacturing (333) in Rhode Island (RIMACHMANQGSP), retrieved from FRED.