Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Illinois
ILACCOMDQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
96.50
Year-over-Year Change
2.22%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Illinois measures the real output of the accommodation and food services sector in Illinois, adjusting for inflation.
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 comprehensive measure of the real economic activity in the accommodation and food services industry in Illinois. It is a key indicator for analyzing the performance and trends within this important service sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index methodology.
Historical Context
This trend is widely used by economists, policymakers, and industry analysts to assess the health and growth of the Illinois hospitality and tourism industry.
Key Facts
- The index is based on 2012 as the reference year.
- The accommodation and food services sector accounts for over 6% of Illinois' total GDP.
- This index has shown steady growth in recent years, indicating a robust hospitality industry in the state.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of the accommodation and food services sector in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: The accommodation and food services industry is a key component of the Illinois economy, so this index provides important insights into the performance and growth of this sector.
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 methodology.
Q: How is this trend used in economic policy?
A: This index is widely used by economists, policymakers, and industry analysts to assess the health and growth of the Illinois hospitality and tourism industry, which informs economic and tourism development policies.
Q: Are there update delays or limitations?
A: The index is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month delay in the data release.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Illinois (ILACCOMDQQGSP), retrieved from FRED.