Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Delaware
DEPROBUSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
120.95
Year-over-Year Change
26.87%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Delaware measures the real output of the professional and business services 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 provides a measure of the economic activity and productivity of Delaware's professional and business services industries, which include legal, accounting, management, administrative, and waste management services. It is used by economists and policymakers to assess the health and growth of this important sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula.
Historical Context
This index is relevant for understanding the broader Delaware economy and trends in the professional services industry.
Key Facts
- Delaware's professional and business services sector accounts for over 20% of the state's GDP.
- The index has shown steady growth since the early 2000s, reflecting the importance of this industry cluster.
- The COVID-19 pandemic caused a sharp decline in the index in 2020, before a recovery began in 2021.
FAQs
Q: What does this economic trend measure?
A: This index measures the real output or production of Delaware's professional and business services sector, which includes industries like legal, accounting, and management services.
Q: Why is this trend relevant for users or analysts?
A: The professional and business services sector is a major driver of economic activity in Delaware, so this index provides important insights into the health and growth of this crucial industry cluster.
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 index formula to measure real, inflation-adjusted output.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this index to monitor the performance of Delaware's professional services industries and assess the broader economic conditions in the state.
Q: Are there update delays or limitations?
A: The index data is published quarterly with a lag of several months, so there may be delays in reflecting the most current economic conditions.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Delaware (DEPROBUSQGSP), retrieved from FRED.