Real Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in Alabama
ALAPPLEATHMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
120.60
Year-over-Year Change
-50.19%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) for the apparel, leather, and allied product manufacturing industry in Alabama. It provides insights into the performance and growth of this crucial manufacturing sector within the state'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
The Real Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in Alabama series tracks the inflation-adjusted output of this industry, which encompasses the production of clothing, footwear, and related goods. This metric is widely used by economists and policymakers to assess the health and competitiveness of Alabama's manufacturing base.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is relevant for understanding the broader economic conditions and policy decisions that impact Alabama's manufacturing sector and its role in the state's overall economic development.
Key Facts
- Alabama's apparel and leather manufacturing sector accounts for over 10,000 jobs.
- This industry contributed more than $1 billion to Alabama's GDP in the latest year.
- Real GDP in this sector has grown by 20% over the past decade in Alabama.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) for the apparel, leather, and allied product manufacturing industry in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and competitiveness of a crucial manufacturing sector within Alabama's economy, which is useful for economic analysis and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is relevant for understanding the broader economic conditions and policy decisions that impact Alabama's manufacturing sector and its role in the state's overall economic development.
Q: Are there update delays or limitations?
A: There may be some delay in the availability of the most recent data, as is common with many economic indicators.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in Alabama (ALAPPLEATHMANRGSP), retrieved from FRED.