Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Rhode Island
RIPROBUSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
127.60
Year-over-Year Change
55.45%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Rhode Island measures the real output of the professional, scientific, technical, management, administrative, and waste services industries in the 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 provides a way to track the economic performance of a key sector of Rhode Island's economy, which includes a range of knowledge-intensive services. It is used by policymakers and analysts to assess growth, productivity, and competitiveness in the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using survey information and economic modeling.
Historical Context
This index offers insights into the health of Rhode Island's service-oriented economy and its ability to support high-skill, high-wage jobs.
Key Facts
- Rhode Island's professional and business services sector accounts for over 20% of state GDP.
- This index has risen by 25% since 2010, outpacing overall state economic growth.
- The sector employs over 100,000 workers in Rhode Island, many in high-wage occupations.
FAQs
Q: What does this economic trend measure?
A: This index measures the real output, or inflation-adjusted production, of Rhode Island's professional, scientific, technical, management, administrative, and waste services industries.
Q: Why is this trend relevant for users or analysts?
A: This index provides valuable insights into the performance and competitiveness of a critical sector of Rhode Island's economy, which is a key driver of high-skill, high-wage employment in the state.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using survey information and economic modeling techniques.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess growth, productivity, and competitiveness in Rhode Island's service-oriented economy, which informs decisions around economic development, workforce training, and other policy initiatives.
Q: Are there update delays or limitations?
A: The index is updated 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: Professional and Business Services (54, 55, 56) in Rhode Island (RIPROBUSQGSP), retrieved from FRED.