Chain-Type Quantity Index for Real GDP: Legal Services (5411) in South Carolina
SCLEGALQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
123.68
Year-over-Year Change
31.19%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in South Carolina measures the inflation-adjusted output of the legal services industry 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 gauge of economic activity and productivity in South Carolina's legal services sector, which is an important part of the state's professional services industry and overall economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using proprietary methodologies.
Historical Context
Economists and policymakers use this index to analyze trends in the legal services industry and its contribution to the state's economic growth.
Key Facts
- The index uses 2012 as the base year.
- Legal services account for approximately 2% of South Carolina's total GDP.
- The index has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted output or real GDP of the legal services industry in South Carolina.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the productivity and economic contribution of the legal services sector, which is an important part of South Carolina's professional services industry.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using proprietary methodologies.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this index to analyze trends in the legal services industry and its impact on the overall state economy.
Q: Are there update delays or limitations?
A: The data is published regularly by the Federal Reserve, but may have a short delay in availability.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Legal Services (5411) in South Carolina (SCLEGALQGSP), retrieved from FRED.