Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in South Dakota
SDPROSCITCHQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
178.36
Year-over-Year Change
101.70%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in South Dakota measures the inflation-adjusted output of this economic sector 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 tracks changes in the real, volume-based production of professional, scientific, and technical services in South Dakota's economy. It is used by economists and policymakers to understand trends in this key service industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chained-dollar, Fisher-ideal formula.
Historical Context
This index provides insight into a critical driver of economic activity and productivity in South Dakota.
Key Facts
- The index has a base year of 2012.
- It covers NAICS sector 54, which includes activities like legal, accounting, and engineering services.
- The index tracks volume changes, not dollar values.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted, volume-based output of the professional, scientific, and technical services sector in South Dakota's economy.
Q: Why is this trend relevant for users or analysts?
A: This index provides insight into a critical driver of economic activity and productivity in South Dakota, helping analysts and policymakers understand trends in this key service industry.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chained-dollar, Fisher-ideal formula.
Q: How is this trend used in economic policy?
A: This index is used by economists and policymakers to track changes in the real output of professional, scientific, and technical services, which is an important component of South Dakota's economy.
Q: Are there update delays or limitations?
A: The index is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month release lag.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in South Dakota (SDPROSCITCHQGSP), retrieved from FRED.