Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in the District of Columbia
DCMISCPROQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
135.93
Year-over-Year Change
61.03%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services in the District of Columbia measures the volume of economic output in this industry sector. This metric is crucial for analyzing regional economic trends and informing policymakers.
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 the real, inflation-adjusted quantity of goods and services produced by professional, scientific, and technical services firms located in the District of Columbia. It provides insights into the productivity and growth of this key part of the local economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to adjust for price changes.
Historical Context
Economists and policymakers use this index to monitor the health and competitiveness of the District's professional services sector.
Key Facts
- The index uses 2012 as the base year.
- Professional services make up over 30% of D.C.'s GDP.
- The sector has seen steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted quantity of goods and services produced by professional, scientific, and technical services firms located in the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the productivity and growth of a key sector of the District's economy, which is crucial information for economists and policymakers.
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 formula to adjust for price changes.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this index to monitor the health and competitiveness of the District's professional services sector, which informs decision-making and economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of 2-3 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 the District of Columbia (DCMISCPROQGSP), retrieved from FRED.