Chain-Type Quantity Index for Real GDP: Wood Product Manufacturing (321) in Arizona
AZWPMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
113.36
Year-over-Year Change
36.41%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Wood Product Manufacturing (321) in Arizona measures the inflation-adjusted output of the wood product manufacturing industry in the state. This metric is crucial for economists and policymakers to understand industry-level economic trends and productivity.
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 provides a measure of the real output of the wood product manufacturing sector in Arizona. It adjusts the nominal GDP figures to account for price changes, allowing for an accurate assessment of underlying production volumes and economic activity within this key industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
This index is widely used by economists, industry analysts, and policymakers to monitor the health and performance of the wood products manufacturing sector in Arizona.
Key Facts
- Arizona is a major producer of wood products in the U.S.
- The wood product manufacturing sector accounts for a significant portion of the state's GDP.
- This index helps track the industry's economic contribution and productivity over time.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted output of the wood product manufacturing industry in Arizona. It provides a gauge of real production volumes and economic activity in this key sector.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding industry-level economic trends and productivity within the wood products manufacturing sector in Arizona. It helps economists, policymakers, and industry analysts assess the performance and contribution of this important industry.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula to adjust the nominal GDP figures for the wood product manufacturing industry in Arizona.
Q: How is this trend used in economic policy?
A: This index is widely used by economists, industry analysts, and policymakers to monitor the health and performance of the wood products manufacturing sector in Arizona. It informs decision-making and helps shape policies that impact this important industry.
Q: Are there update delays or limitations?
A: The data is subject to the release schedule of the U.S. Bureau of Economic Analysis, which may result in occasional update delays. Additionally, the index may not capture all aspects of the wood products manufacturing industry in Arizona.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Wood Product Manufacturing (321) in Arizona (AZWPMANQGSP), retrieved from FRED.