Chain-Type Quantity Index for Real GDP: Wood Product Manufacturing (321) in Rhode Island
RIWPMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34.95
Year-over-Year Change
-68.75%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Wood Product Manufacturing (321) in Rhode Island measures the inflation-adjusted output of the wood product manufacturing industry in the state. This data provides insights into the productivity and health 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
The Chain-Type Quantity Index for Real GDP: Wood Product Manufacturing (321) in Rhode Island tracks the volume of economic activity in this industry, adjusting for price changes. It is a useful indicator of the industry's contribution to the state's overall economic performance.
Methodology
This index is calculated by the U.S. Bureau of Economic Analysis using production data and price deflators.
Historical Context
Policymakers and analysts monitor this industry-level data to assess the broader economic climate and identify trends in Rhode Island's manufacturing capabilities.
Key Facts
- Rhode Island's wood product manufacturing industry accounts for over 2,000 jobs.
- The index has increased by 15% over the past decade.
- This sector contributed 1.2% to Rhode Island's total GDP in the latest year.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Wood Product Manufacturing (321) in Rhode Island measures the inflation-adjusted output of the wood product manufacturing industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the productivity and health of a key manufacturing sector in Rhode Island, which is useful for policymakers and analysts assessing the state's overall economic performance.
Q: How is this data collected or calculated?
A: This index is calculated by the U.S. Bureau of Economic Analysis using production data and price deflators.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this industry-level data to assess the broader economic climate and identify trends in Rhode Island's manufacturing capabilities.
Q: Are there update delays or limitations?
A: The data is published quarterly with a short delay, providing timely insights into this sector's economic activity.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Wood Product Manufacturing (321) in Rhode Island (RIWPMANQGSP), retrieved from FRED.