Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Tennessee
Annual, Not Seasonally Adjusted
TNPROSCITCHQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
168.64
Year-over-Year Change
101.35%
Date Range
1/1/1997 - 1/1/2024
Summary
The Annual, Not Seasonally Adjusted trend measures the gross state product (GSP) for professional, scientific, and technical services in the United States. This metric is a key indicator of economic activity and productivity in this important services 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 GSP for professional, scientific, and technical services represents the total value added by establishments primarily engaged in professional, scientific, and technical activities, such as legal services, accounting, architecture, engineering, computer systems design, and scientific research. This trend is used by economists and policymakers to analyze sectoral growth and productivity trends.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through comprehensive surveys and national income and product accounts.
Historical Context
This trend provides important insights into the performance and competitiveness of the professional services industry, which plays a vital role in the broader U.S. economy.
Key Facts
- The professional services sector accounts for over 8% of total U.S. gross domestic product.
- This trend has shown steady growth over the past decade, reflecting the increasing importance of knowledge-based industries.
- The COVID-19 pandemic led to a sharp decline in professional services output in 2020 before a rebound in 2021.
FAQs
Q: What does this economic trend measure?
A: The Annual, Not Seasonally Adjusted trend measures the gross state product (GSP) for the professional, scientific, and technical services sector in the United States.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and competitiveness of the professional services industry, which plays a vital role in the broader U.S. economy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through comprehensive surveys and national income and product accounts.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this trend to analyze sectoral growth and productivity trends, which can inform policy decisions related to the professional services industry.
Q: Are there update delays or limitations?
A: This data is published annually by the U.S. Bureau of Economic Analysis, so there may be a delay of several months before the most recent year's data is available.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (TNPROSCITCHQGSP), retrieved from FRED.