Real Gross Domestic Product: Retail Trade (44-45) in Wisconsin
WIRETAILRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23,019.90
Year-over-Year Change
50.20%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Real Gross Domestic Product: Retail Trade (44-45) in Wisconsin' measures the inflation-adjusted economic output of the retail trade industry in the state of Wisconsin. This metric is crucial for understanding the overall health and performance of Wisconsin's economy.
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 series represents the real (inflation-adjusted) gross domestic product originating in the retail trade industry (NAICS sectors 44-45) within the state of Wisconsin. It is an important indicator of the strength and productivity of Wisconsin's retail sector, which plays a significant role in the state's overall economic landscape.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national accounting principles.
Historical Context
Policymakers and analysts use this metric to gauge the vitality of Wisconsin's retail industry and its contribution to the state's economic performance.
Key Facts
- Wisconsin's retail trade industry accounts for over 10% of the state's GDP.
- Real retail GDP in Wisconsin has grown by an average of 2.5% annually over the past decade.
- The retail trade sector employs more than 450,000 people in Wisconsin, making it a major employer in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product originating in the retail trade industry (NAICS sectors 44-45) within the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding the overall health and performance of Wisconsin's economy, as the retail trade sector is a significant contributor to the state's GDP and employment.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to gauge the vitality of Wisconsin's retail industry and its contribution to the state's economic performance, which informs policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Retail Trade (44-45) in Wisconsin (WIRETAILRGSP), retrieved from FRED.