Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Arizona
AZLEGALQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
116.42
Year-over-Year Change
6.59%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Arizona measures the real output of the legal services industry in the state. This economic indicator provides important insights into the performance and productivity of a key professional services sector.
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 tracks changes in the real, inflation-adjusted output of the legal services industry in Arizona over time. This metric is used by economists and policymakers to analyze trends in professional services activity and productivity within the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to account for changes in prices and quantities.
Historical Context
Monitoring this industry-level economic indicator can inform decisions around labor, regulation, and investment in Arizona's legal services sector.
Key Facts
- Arizona's legal services industry accounts for over 2% of the state's real GDP.
- The Chain-Type Quantity Index shows a 3.2% increase in legal services output in Arizona from 2020 to 2021.
- Legal services are a key contributor to the professional and business services sector in Arizona.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Arizona measures the real, inflation-adjusted output of the legal services industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and productivity of a key professional services sector within Arizona's economy, informing decisions around labor, regulation, and investment.
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 to account for changes in prices and quantities.
Q: How is this trend used in economic policy?
A: Monitoring this industry-level economic indicator can inform decisions around labor, regulation, and investment in Arizona's legal services sector.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, 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: Legal Services (5411) in Arizona (AZLEGALQGSP), retrieved from FRED.