Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Arizona
AZMISCPROQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
147.24
Year-over-Year Change
71.60%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Arizona measures the volume of economic activity in these sectors 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 tracks changes in the real output, or inflation-adjusted production, of miscellaneous professional, scientific, and technical services in Arizona. It provides a broad indicator of the health and growth of these knowledge-intensive industries in the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Historical Context
This index is used by economists and policymakers to assess the performance of Arizona's service sector and guide economic development strategies.
Key Facts
- This index uses 2012 as the base year.
- Arizona's professional services sector accounts for over 10% of the state's GDP.
- The index has shown steady growth since the Great Recession.
FAQs
Q: What does this economic trend measure?
A: This index measures the volume of economic activity in the miscellaneous professional, scientific, and technical services sectors in Arizona, including legal, accounting, and consulting services.
Q: Why is this trend relevant for users or analysts?
A: This index provides an important indicator of the health and growth of Arizona's knowledge-intensive service industries, which are 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 to track real, inflation-adjusted changes in output.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this index to assess the performance of Arizona's service sector and guide economic development strategies and investments.
Q: Are there update delays or limitations?
A: This data is published quarterly by the Federal Reserve with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Arizona (AZMISCPROQGSP), retrieved from FRED.