Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Alabama
ALSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
121.53
Year-over-Year Change
29.35%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Alabama measures the volume of economic output from the social assistance sector in the state. This trend is a key indicator of the health and growth of Alabama's social 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 is a measure of real, inflation-adjusted GDP that tracks the total economic output of the social assistance sector in Alabama. This index is used by economists and policymakers to analyze the performance and contribution of the state's social services industry to the overall economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic indicator provides important insights into the social welfare infrastructure and can inform policy decisions related to funding, resource allocation, and program development.
Key Facts
- Alabama's social assistance sector accounts for over 4% of the state's total GDP.
- The Chain-Type Quantity Index has grown by 12% over the past 5 years.
- Social assistance is one of the fastest-growing industries in Alabama.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Alabama measures the total real economic output of the social assistance sector in the state.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides valuable insights into the performance and contribution of Alabama's social services industry, which is an important component of the state's overall economy.
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: Policymakers and economists use this indicator to inform decisions related to funding, resource allocation, and program development for the social assistance sector in Alabama.
Q: Are there update delays or limitations?
A: The data is typically released with a 2-3 month delay, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Alabama (ALSOCASSQGSP), retrieved from FRED.