Gross Domestic Product: Food Services and Drinking Places (722) in Illinois
ILFOODDPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
26,493.80
Year-over-Year Change
91.62%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Food Services and Drinking Places (722) in Illinois' metric tracks the economic output of the food services and drinking establishments sector in the state of Illinois. This data provides insights into consumer spending and the broader service industry landscape.
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 economic series represents the real gross domestic product (GDP) for the food services and drinking places industry in Illinois. It is a key indicator of the health and performance of the local hospitality sector, which plays a vital role in the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Historical Context
Policymakers and economists analyze this trend to assess Illinois' service industry activity and consumer behavior.
Key Facts
- Illinois' food services GDP accounts for over 3% of the state's total economic output.
- The food services sector employs more than 600,000 people in Illinois.
- This metric has shown steady growth over the past decade, reflecting the resilience of the state's hospitality industry.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real gross domestic product (GDP) of the food services and drinking places industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into consumer spending patterns and the overall performance of Illinois' hospitality sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to assess the health of Illinois' service industry and consumer behavior, which informs economic policies and investment decisions.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of approximately three months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Food Services and Drinking Places (722) in Illinois (ILFOODDPNGSP), retrieved from FRED.