Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Wisconsin
WIPROSCITCHQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
150.49
Year-over-Year Change
73.53%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Wisconsin measures the real output of the professional, scientific, and technical services sector in the state over time, adjusted for inflation.
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 provides a way to track the economic performance of Wisconsin's professional, scientific, and technical services industry, which includes a wide range of knowledge-intensive activities like legal services, accounting, engineering, and scientific research.
Methodology
The data is calculated based on Bureau of Economic Analysis estimates of industry-level real GDP.
Historical Context
This index can help policymakers and analysts understand trends in a key driver of Wisconsin's economy.
Key Facts
- The index has a base year of 2012.
- The professional and technical services sector accounts for over 7% of Wisconsin's GDP.
- This index can signal changes in demand for high-skilled labor in the state.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of Wisconsin's professional, scientific, and technical services sector over time.
Q: Why is this trend relevant for users or analysts?
A: This index provides insight into the performance of a key driver of Wisconsin's economy, which can inform business and policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the Bureau of Economic Analysis based on estimates of industry-level real GDP.
Q: How is this trend used in economic policy?
A: Policymakers and analysts can use this index to understand trends in a critical industry and make informed decisions about workforce development, tax policy, and other economic initiatives.
Q: Are there update delays or limitations?
A: There may be a lag of several months between the end of a reference period and the release of updated index values.
Related Trends
Personal Consumption Expenditures: Services: Final Consumption Expenditures of Nonprofit Institutions Serving Households for Wisconsin
WIPCEFCENPISH
Real Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Wisconsin
WITRANGRNDTRANRGSP
Average Weekly Hours of All Employees: Other Services in Wisconsin
SMU55000008000000002A
Chain-Type Quantity Index for Real GDP: Fabricated Metal Product Manufacturing (332) in Wisconsin
WIFABRMETQGSP
Chain-Type Quantity Index for Real GDP: Machinery Manufacturing (333) in Wisconsin
WIMACHMANQGSP
Estimate of Median Household Income for Wisconsin
MHIWI55000A052NCEN
Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Wisconsin (WIPROSCITCHQGSP), retrieved from FRED.