Chain-Type Quantity Index for Real GDP: Chemical Manufacturing (325) in Illinois
ILCHEMMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
151.57
Year-over-Year Change
88.74%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Chemical Manufacturing (325) in Illinois measures the inflation-adjusted output of the chemical manufacturing industry in Illinois. This metric is crucial for economists and policymakers to assess the state's economic performance and productivity.
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 volume of goods and services produced by the chemical manufacturing sector in Illinois, one of the state's key industries. It is a valuable indicator of industrial activity, competitiveness, and the overall health of the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys of manufacturing establishments.
Historical Context
Policymakers and analysts use this index to inform decisions related to economic development, trade, and industrial policy in Illinois.
Key Facts
- Illinois is a leading producer of chemicals in the U.S.
- The chemical industry accounts for over 5% of Illinois's GDP.
- This index has shown steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted output of the chemical manufacturing industry in Illinois. It tracks the production volume of goods and services in this key sector.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the health and competitiveness of Illinois's economy, as the chemical industry is a major driver of industrial activity and employment in the state.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys of manufacturing establishments in Illinois.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to inform decisions related to economic development, trade, and industrial policy in Illinois.
Q: Are there update delays or limitations?
A: The index is updated quarterly, with a lag of several months. There may be revisions to past data as more complete information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Chemical Manufacturing (325) in Illinois (ILCHEMMANQGSP), retrieved from FRED.