Chain-Type Quantity Index for Real GDP: Administrative and Support Services (561) in Alabama
ALADMINSUPQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
126.71
Year-over-Year Change
40.89%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Administrative and Support Services (561) in Alabama measures the inflation-adjusted output of this economic sector in the state. It is a key indicator of productivity and business activity in Alabama's service 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 index tracks the volume of goods and services produced by administrative and support services companies in Alabama, a critical part of the state's service-based economy. Economists and policymakers use this data to analyze trends in business operations and productivity across the state.
Methodology
The index is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to adjust for inflation.
Historical Context
The administrative and support services industry index provides insight into the health of Alabama's broader economic conditions and business environment.
Key Facts
- The index is based on 2012 as the reference year.
- Alabama's administrative and support services industry accounts for over 8% of the state's total GDP.
- The index has shown steady growth over the past decade, indicating a vibrant service sector.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted output or production volume of administrative and support services companies in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This index provides valuable insights into the health and productivity of Alabama's service-based economy, which is a key driver of 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-weighted formula to adjust for inflation.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this index to gauge the business climate and productivity trends in Alabama, which can inform decisions around economic development, taxation, and other policies.
Q: Are there update delays or limitations?
A: The index is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month delay in data availability.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Administrative and Support Services (561) in Alabama (ALADMINSUPQGSP), retrieved from FRED.