Chain-Type Quantity Index for Real GDP: Educational Services (61) in Illinois
ILEDCATQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
101.15
Year-over-Year Change
4.96%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Educational Services (61) in Illinois measures the real economic output of the educational services sector in Illinois, adjusted 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 tracks the quantity, or real volume, of goods and services produced by the educational services industry in Illinois. It is a useful indicator of the sector's economic performance and can inform policy decisions related to education, workforce development, and regional economic trends.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index method.
Historical Context
This metric is used by economists, policymakers, and market analysts to understand the health and trajectory of Illinois' educational services industry.
Key Facts
- The index is measured with a base year of 2012.
- Educational services account for approximately 2% of Illinois' total GDP.
- The index has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real output of the educational services industry in Illinois, adjusting for inflation to provide a volume-based indicator of economic activity.
Q: Why is this trend relevant for users or analysts?
A: This metric is useful for understanding the performance and contribution of the education sector to Illinois' overall economy, which can inform policy decisions and market analysis.
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 method.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the health and trajectory of Illinois' educational services industry, which can inform decisions related to education funding, workforce development, and regional economic strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months, so there may be a delay in accessing the most recent information.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Educational Services (61) in Illinois (ILEDCATQQGSP), retrieved from FRED.