Chain-Type Quantity Index for Real GDP: Private Goods-Producing Industries in Wisconsin
WIPRIGOODPROQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
101.77
Year-over-Year Change
5.40%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Private Goods-Producing Industries in Wisconsin measures the inflation-adjusted output of Wisconsin's private goods-producing sector. This metric is crucial for understanding the state's economic performance and growth.
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 the real-dollar value of goods production in Wisconsin's private sector, including manufacturing, mining, and construction. It is a key indicator of the state's industrial activity and competitiveness compared to national trends.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula applied to the state's gross domestic product.
Historical Context
Policymakers and analysts use this index to gauge the health of Wisconsin's economy and assess the impact of factors like trade, technology, and regulations on the state's industrial base.
Key Facts
- Wisconsin's private goods-producing industries account for over 20% of the state's GDP.
- This index has increased by an average of 2.5% annually over the past decade.
- Manufacturing makes up the largest component of Wisconsin's private goods production.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted output of Wisconsin's private goods-producing industries, including manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the health and competitiveness of Wisconsin's industrial base, which is crucial for understanding the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula applied to the state's gross domestic product.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to gauge the impact of factors like trade, technology, and regulations on Wisconsin's industrial sector and guide related economic policies.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of approximately two months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Private Goods-Producing Industries in Wisconsin (WIPRIGOODPROQGSP), retrieved from FRED.