Chain-Type Quantity Index for Real GDP: Textile Mills and Textile Product Mills (313-314) in Rhode Island
RITEXTQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
51.09
Year-over-Year Change
-33.45%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Textile Mills and Textile Product Mills (313-314) in Rhode Island measures the real output of the textile industry in Rhode Island. This trend is important for policymakers and economists to understand the state's manufacturing sector performance.
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 quantity of goods produced by textile mills and textile product mills in Rhode Island. It provides a measure of the industry's economic activity and productivity, which is a key indicator of the state's manufacturing base.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index methodology.
Historical Context
Economists and policymakers use this index to assess the health and competitiveness of Rhode Island's textile manufacturing industry.
Key Facts
- The textile industry accounts for over 5% of Rhode Island's GDP.
- Rhode Island's textile production has declined by 20% since 2010.
- The index uses 2012 as the base year for measurement.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted quantity of goods produced by textile mills and textile product mills in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This index provides important insight into the performance and competitiveness of Rhode Island's manufacturing base, which is a crucial part of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index methodology.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this index to assess the health and outlook of Rhode Island's textile manufacturing industry, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The index is updated quarterly by the U.S. Bureau of Economic Analysis, 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: Textile Mills and Textile Product Mills (313-314) in Rhode Island (RITEXTQGSP), retrieved from FRED.