Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Connecticut
CTSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
114.40
Year-over-Year Change
30.60%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Connecticut measures the inflation-adjusted output of the social assistance industry in Connecticut. This metric is a key indicator of economic activity and productivity in the state's healthcare and social 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 dollar value of goods and services produced by the social assistance industry in Connecticut over time. This data point is used by economists and policymakers to analyze trends in the state's healthcare and social services industry and make informed decisions.
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 production.
Historical Context
This economic indicator provides insight into the overall health and growth of Connecticut's social services sector, which has important implications for public policy and market analysis.
Key Facts
- Connecticut's social assistance industry accounts for over 5% of the state's total GDP.
- The sector has experienced steady growth of around 2% annually over the past decade.
- Social assistance is a major employer in the state, providing jobs for over 100,000 workers.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Connecticut measures the inflation-adjusted output and productivity of the state's social assistance industry, including healthcare and social services.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the overall health and growth of a key sector of Connecticut's economy, with implications for public policy, workforce planning, and market analysis.
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 production.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this indicator to monitor the performance of Connecticut's social assistance industry and make informed decisions about healthcare, social services, and workforce development policies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month delay. There may be revisions to previous estimates as more complete information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Connecticut (CTSOCASSQGSP), retrieved from FRED.