Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Alabama
ALPROBUSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
141.26
Year-over-Year Change
58.00%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Alabama measures the inflation-adjusted output of this sector in the state's economy. This metric is closely watched by economists and policymakers to gauge the health and productivity of Alabama's professional services industry.
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 Chain-Type Quantity Index provides a measure of real GDP, or inflation-adjusted economic output, for the professional and business services sector in Alabama. This index is used to track changes in the volume of services produced over time, rather than just nominal dollar values.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Historical Context
This economic indicator informs policy decisions and business strategies related to Alabama's professional services market.
Key Facts
- Alabama's professional and business services sector accounts for over 16% of the state's real GDP.
- The Chain-Type Quantity Index uses 2012 as the base year.
- This metric tracks over 50 sub-industries within the professional services sector.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Alabama measures the inflation-adjusted output of this sector in the state's economy.
Q: Why is this trend relevant for users or analysts?
A: This metric is closely watched by economists and policymakers to gauge the health and productivity of Alabama's professional services industry, which is a key driver of the state's economy.
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 methodology.
Q: How is this trend used in economic policy?
A: This economic indicator informs policy decisions and business strategies related to Alabama's professional services market.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis, with a typical 1-2 month lag from the end of the reference period.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Alabama (ALPROBUSQGSP), retrieved from FRED.