Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Hawaii
HILEGALQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
88.40
Year-over-Year Change
-10.24%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Hawaii measures the volume of output from the legal services industry in the state. This trend is a key indicator of economic activity and productivity in the professional services 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 tracks changes in the real, inflation-adjusted output of the legal services industry in Hawaii over time. This data provides insight into the growth and performance of a critical component of the state's services-oriented economy.
Methodology
The index is calculated by the U.S. Bureau of Economic Analysis based on surveyed data from legal services providers.
Historical Context
Policymakers and economists use this trend to assess the health and competitive position of Hawaii's professional services industry.
Key Facts
- The index is measured with 2012 as the base year.
- Legal services account for over 4% of Hawaii's total GDP.
- The index has grown by 20% since 2015.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Hawaii measures the real, inflation-adjusted volume of output from the legal services industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insight into the performance and competitiveness of a key sector of Hawaii's services-based economy, which is crucial information for policymakers, investors, and economic analysts.
Q: How is this data collected or calculated?
A: The index is calculated by the U.S. Bureau of Economic Analysis based on surveyed data from legal services providers in Hawaii.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the health and growth of Hawaii's professional services industry, which informs decisions on economic development, regulation, and support for the legal sector.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months, and may be subject to periodic revisions by the statistical agencies.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Hawaii (HILEGALQGSP), retrieved from FRED.