Chain-Type Quantity Index for Real GDP: Social Assistance (624) in the District of Columbia
DCSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
118.07
Year-over-Year Change
19.22%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Social Assistance (624) in the District of Columbia measures the inflation-adjusted output of the social assistance sector in the District's economy.
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 (inflation-adjusted) value of goods and services produced by social assistance providers in Washington, D.C. It is a useful indicator of economic activity and productivity in this key service industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
This metric helps policymakers and analysts assess trends in the District's social services sector and its contribution to overall economic performance.
Key Facts
- The base year for this index is 2012.
- Social assistance accounts for about 1.5% of D.C.'s total GDP.
- The index has shown steady growth since the early 2010s.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of the social assistance sector in the District of Columbia's economy.
Q: Why is this trend relevant for users or analysts?
A: It provides insights into the productivity and economic contribution of the social services industry, which is an important part of D.C.'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-type quantity index formula.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess trends in the District's social services sector and its impact on overall economic performance.
Q: Are there update delays or limitations?
A: There may be a lag of several months between the end of a reporting period and the release of the latest data.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Social Assistance (624) in the District of Columbia (DCSOCASSQGSP), retrieved from FRED.