Chain-Type Quantity Index for Real GDP: Legal Services (5411) in the District of Columbia
DCLEGALQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
86.80
Year-over-Year Change
-18.13%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in the District of Columbia measures the real output of the legal services industry in Washington, D.C. over time. This metric is a key indicator of economic activity and productivity in the local legal 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 output of the legal services industry, adjusting for inflation to provide a measure of volumetric growth or decline. This data helps economists and policymakers understand trends in the District's professional services sector and broader economic conditions.
Methodology
The index is calculated by the U.S. Bureau of Economic Analysis using data on the legal services industry's production and pricing.
Historical Context
This metric is used to inform economic policy decisions and analyze the performance of the District of Columbia's legal and professional services markets.
Key Facts
- The legal services industry accounts for over 40,000 jobs in the District of Columbia.
- The legal industry contributes over $10 billion annually to the D.C. economy.
- Legal services output has grown by 25% in real terms over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in the District of Columbia measures the real output or production volume of the legal services industry in Washington, D.C.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and productivity of the legal services sector, which is a key component of the District of Columbia's professional services economy and overall economic conditions.
Q: How is this data collected or calculated?
A: The index is calculated by the U.S. Bureau of Economic Analysis using data on the legal services industry's production and pricing.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to inform decisions and analyze trends in the District of Columbia's professional services markets and broader economic performance.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis with a short lag. There may be revisions to historical values as more complete information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Legal Services (5411) in the District of Columbia (DCLEGALQGSP), retrieved from FRED.