Chain-Type Quantity Index for Real GDP: Finance and Insurance (52) in Illinois
Annual, Not Seasonally Adjusted
ILFININSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
82.25
Year-over-Year Change
-21.83%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Annual, Not Seasonally Adjusted' data series measures the total value added by the finance and insurance sector to U.S. gross state product. It provides insights into the economic contribution of this critical industry.
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 data represents the finance and insurance sector's share of total gross state product, a key metric for understanding regional economic composition and trends. Analysts use this data to assess the role of the finance industry in different state economies.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on surveys and economic accounts.
Historical Context
Policymakers and investors monitor this indicator to gauge the economic influence of the finance and insurance sector across U.S. states.
Key Facts
- The finance and insurance sector accounts for over 7% of total U.S. GDP.
- New York has the highest finance/insurance share of state GDP at over 30%.
- This data series dates back to 2001.
FAQs
Q: What does this economic trend measure?
A: This data series measures the total value added by the finance and insurance sector to each U.S. state's gross state product.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the economic influence and composition of the finance industry across different state economies.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on surveys and economic accounts.
Q: How is this trend used in economic policy?
A: Policymakers and investors monitor this indicator to gauge the economic significance of the finance and insurance sector in different states.
Q: Are there update delays or limitations?
A: This annual data series has a lag of approximately one year before release.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (ILFININSQGSP), retrieved from FRED.