Chain-Type Quantity Index for Real GDP: Social Assistance (624) in South Dakota
SDSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
113.04
Year-over-Year Change
16.97%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Social Assistance (624) in South Dakota measures the real economic output of the social assistance sector in the state. This trend provides valuable insights into the performance and growth of this important industry.
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 is a measure of real economic output that adjusts for price changes, allowing for the analysis of volume or quantity changes over time. The social assistance sector includes a range of services such as individual and family services, community food and housing, and vocational rehabilitation.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of the Gross Domestic Product (GDP) by industry accounts.
Historical Context
This trend is used by economists, policymakers, and industry analysts to assess the health and contributions of the social assistance sector in South Dakota's economy.
Key Facts
- Social assistance accounted for 2.6% of South Dakota's GDP in 2021.
- The sector grew by 3.2% in real terms from 2020 to 2021.
- South Dakota's social assistance industry employs over 17,000 workers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted output of the social assistance sector in South Dakota's economy.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and growth of the social assistance industry, which is a key component of South Dakota's service-based economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of the Gross Domestic Product (GDP) by industry accounts.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the health and contributions of the social assistance sector, which can inform decisions related to funding, regulation, and economic development strategies.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis, with a lag of approximately two months, so there may be a short delay in the most recent information.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Social Assistance (624) in South Dakota (SDSOCASSQGSP), retrieved from FRED.