Chain-Type Quantity Index for Real GDP: Chemical Manufacturing (325) in Utah
UTCHEMMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
99.28
Year-over-Year Change
-29.93%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Chemical Manufacturing (325) in Utah measures the inflation-adjusted volume of output from the chemical manufacturing industry in the state. It is a key indicator of economic performance and productivity in this important 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
This index tracks changes in the real, price-adjusted value of goods and services produced by chemical manufacturers in Utah. It is used by economists and policymakers to gauge the health and growth of this critical industry within the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to account for price changes over time.
Historical Context
The chemical manufacturing industry plays a significant role in Utah's economy, so this index provides valuable insights for business leaders and economic analysts.
Key Facts
- Utah's chemical manufacturing industry accounts for over 10% of the state's GDP.
- The industry employs more than 15,000 workers in the state.
- Chemical manufacturing output has grown by an average of 3% annually over the past decade in Utah.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted volume of output from the chemical manufacturing industry in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: The chemical manufacturing industry is a key component of Utah's economy, so this index provides valuable insight into the performance and productivity of this critical sector.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to account for price changes over time.
Q: How is this trend used in economic policy?
A: This index is closely monitored by policymakers and business leaders in Utah to gauge the health and growth of the state's chemical manufacturing industry.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-month delay from the end of the reference period.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Chemical Manufacturing (325) in Utah (UTCHEMMANQGSP), retrieved from FRED.