Chain-Type Quantity Index for Real GDP: Social Assistance (624) in the Great Lakes BEA Region
GLAKSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
112.70
Year-over-Year Change
30.31%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Social Assistance (624) in the Great Lakes BEA Region measures the inflation-adjusted output of the social assistance industry in this geographic area. This provides valuable insights into the economic performance and productivity of 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
This index tracks the real, price-adjusted output of establishments providing social assistance services, such as individual and family services, community food and housing, and vocational rehabilitation. It is an important indicator for analyzing regional economic trends and the relative strength of the social services industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using survey responses and other government sources.
Historical Context
Policymakers and economists use this index to assess the health and dynamics of the social services sector and its impact on the broader regional economy.
Key Facts
- The Great Lakes region accounts for over 20% of U.S. GDP.
- Social assistance is a major industry, employing over 2 million people nationwide.
- This index has shown steady growth in the sector's real output in recent years.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted output or productivity of the social assistance industry in the Great Lakes region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This is an important indicator for understanding the economic performance and contribution of the social services sector, which is a key part of the regional economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using survey responses and other government sources.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this index to assess the health and dynamics of the social services sector and its impact on the broader regional economy.
Q: Are there update delays or limitations?
A: The data is published regularly by the Federal Reserve with minimal delays, providing timely insights into this economic sector.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Social Assistance (624) in the Great Lakes BEA Region (GLAKSOCASSQGSP), retrieved from FRED.