Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Wisconsin
WIPROBUSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
136.68
Year-over-Year Change
65.47%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Wisconsin measures the volume of economic output in this key sector. It is a valuable indicator for understanding Wisconsin's economic performance and competitiveness.
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 real (inflation-adjusted) changes in the output of professional, scientific, technical, management, administrative, and waste services industries in Wisconsin. It provides insight into the productivity and growth of this important component of the state's GDP.
Methodology
The data is calculated based on industry-level GDP figures from the U.S. Bureau of Economic Analysis.
Historical Context
This index is closely monitored by policymakers, businesses, and economists to assess Wisconsin's economic climate and competitiveness.
Key Facts
- The index has a base year of 2012 = 100.
- Professional and business services account for over 15% of Wisconsin's GDP.
- The index reached a record high in 2019 before declining during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This index measures the real (inflation-adjusted) volume of economic output in Wisconsin's professional, scientific, technical, management, administrative, and waste services industries.
Q: Why is this trend relevant for users or analysts?
A: This index provides insight into the productivity and growth of a key component of Wisconsin's economy, which is closely monitored by policymakers, businesses, and economists.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on industry-level GDP figures for Wisconsin.
Q: How is this trend used in economic policy?
A: This index is used by policymakers, businesses, and economists to assess Wisconsin's economic climate and competitiveness, which can inform economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with a typical delay of 3-6 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Wisconsin (WIPROBUSQGSP), retrieved from FRED.