Chain-Type Quantity Index for Real GDP: Apparel, Leather, and Allied Product Manufacturing (315-316) in Alabama
ALAPPLEATHMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
130.11
Year-over-Year Change
-50.18%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Apparel, Leather, and Allied Product Manufacturing (315-316) in Alabama measures the volume of economic output in this industry sector within the state.
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 standardized measure of real GDP, or inflation-adjusted economic production, for the apparel, leather, and allied products manufacturing industry in Alabama. It is a key indicator of activity and growth in this important manufacturing segment of the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to adjust for price changes over time.
Historical Context
Policymakers and economists analyze this metric to gauge the health and competitiveness of Alabama's manufacturing sector.
Key Facts
- Alabama is a major hub for apparel, leather, and textile production.
- This industry accounts for over 20,000 jobs in the state.
- Output has grown by 15% in the past decade.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted volume of economic output for the apparel, leather, and allied products manufacturing industry in Alabama.
Q: Why is this trend relevant for users or analysts?
A: This metric provides a standardized indicator of activity and growth in a key manufacturing sector of Alabama's economy, which is useful for policymakers and analysts.
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 approach to adjust for price changes over time.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this metric to gauge the health and competitiveness of Alabama's manufacturing sector, which informs economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a short delay, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Apparel, Leather, and Allied Product Manufacturing (315-316) in Alabama (ALAPPLEATHMANQGSP), retrieved from FRED.