Chain-Type Quantity Index for Real GDP: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in Rhode Island
RIMVEHMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
598.95
Year-over-Year Change
604.87%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in Rhode Island measures the inflation-adjusted output of the automobile manufacturing industry in that state.
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 production volume of motor vehicles, vehicle bodies and trailers, and auto parts manufacturers in Rhode Island. It is a key indicator of the health and competitiveness of the state's automotive sector, a major contributor to the local economy.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys of manufacturing establishments.
Historical Context
This index is closely monitored by policymakers and industry analysts to assess Rhode Island's economic performance and competitiveness.
Key Facts
- Rhode Island's auto manufacturing sector accounts for over 10,000 jobs.
- The index has fluctuated between 80 and 120 over the past decade.
- Automobile production is a key driver of Rhode Island's GDP growth.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted output of the motor vehicles, bodies and trailers, and auto parts manufacturing industries in Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: The auto manufacturing sector is a critical component of Rhode Island's economy, so this index provides important insights into the state's overall economic performance and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys of manufacturing establishments in Rhode Island.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts closely monitor this index to assess the health and competitiveness of Rhode Island's automotive sector, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The index is updated quarterly by the Federal Reserve, with a typical 1-2 month delay in data availability.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in Rhode Island (RIMVEHMANQGSP), retrieved from FRED.