Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Delaware
DEPROSCITCHQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
117.49
Year-over-Year Change
9.17%
Date Range
1/1/1997 - 1/1/2024
Summary
This index measures the real (inflation-adjusted) quantity output of the professional, scientific, and technical services industry in Delaware. It is an important indicator of economic activity and productivity in this key service 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 for Real GDP tracks the volume of goods and services produced by a specific industry over time, adjusting for price changes. This allows analysts to isolate the underlying growth or decline in real economic output.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry sales, employment, and other production inputs.
Historical Context
Policymakers and economists monitor this index to assess the health and competitiveness of Delaware's professional services industry.
Key Facts
- The index is based on 2012 as the reference year (2012=100).
- Delaware's professional services industry accounts for over 10% of the state's GDP.
- The index has grown by an average of 2.5% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This index measures the real (inflation-adjusted) quantity of goods and services produced by Delaware's professional, scientific, and technical services industry.
Q: Why is this trend relevant for users or analysts?
A: This index provides insight into the productivity and competitiveness of a key services sector in Delaware's economy, which is important for policymakers and economic analysts.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates this index using industry sales, employment, and other production inputs.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this index to assess the health and growth of Delaware's professional services industry, which is a major contributor to the state's GDP.
Q: Are there update delays or limitations?
A: This index is updated quarterly by the U.S. Bureau of Economic Analysis, with a lag of approximately two months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Delaware (DEPROSCITCHQGSP), retrieved from FRED.