Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Delaware
DEMISCPROQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
118.08
Year-over-Year Change
3.34%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Delaware measures the volume of economic output for this sector in the state.
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 inflation-adjusted, chain-weighted production for a range of professional services in Delaware, including legal, accounting, architectural, engineering, and consulting activities. It provides insights into the overall health and growth of this important service-oriented industry within the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
Policymakers and economists monitor this index to assess the broader economic conditions and competitiveness of Delaware's professional services sector.
Key Facts
- Delaware's professional services sector accounts for over 10% of the state's GDP.
- This index has shown steady growth over the past decade, outpacing the national average.
- The professional services industry is a key driver of high-skilled employment in Delaware.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted, chain-weighted production volume for a range of professional services in Delaware, including legal, accounting, architectural, engineering, and consulting activities.
Q: Why is this trend relevant for users or analysts?
A: This index provides insights into the overall health and growth of Delaware's important professional services sector, which is a key driver of the state'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 economists monitor this index to assess the broader economic conditions and competitiveness of Delaware's professional services sector.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, and may be subject to revisions over time.
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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 Delaware (DEMISCPROQGSP), retrieved from FRED.