Chain-Type Quantity Index for Real GDP: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in Illinois
ILMVEHMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
120.68
Year-over-Year Change
57.79%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the chain-type quantity index for real GDP in the motor vehicles, bodies and trailers, and parts manufacturing industry in Illinois. It provides insights into the production and economic activity within this crucial manufacturing sector.
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
The chain-type quantity index for real GDP tracks the volume of goods and services produced in the motor vehicles, bodies and trailers, and parts manufacturing industry in Illinois, adjusting for price changes. This data is used by economists and policymakers to analyze trends in this key industry and its contribution to the broader state economy.
Methodology
The data is collected and calculated by the U.S. Federal Reserve based on surveys and economic reports.
Historical Context
This metric is relevant for assessing the health and competitiveness of Illinois' manufacturing sector and its impact on the state's economic performance.
Key Facts
- Illinois is a major hub for motor vehicles manufacturing.
- The industry contributes significantly to the state's GDP.
- Trends in this index can signal changes in broader economic conditions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the chain-type quantity index for real GDP in the motor vehicles, bodies and trailers, and parts manufacturing industry in Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the production and economic activity within a crucial manufacturing sector in Illinois, which is important for analyzing the state's economic performance.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Federal Reserve based on surveys and economic reports.
Q: How is this trend used in economic policy?
A: This metric is relevant for assessing the health and competitiveness of Illinois' manufacturing sector and its impact on the state's economic performance, which is important for policymakers and economists.
Q: Are there update delays or limitations?
A: There may be some update delays or limitations inherent in the data collection and reporting processes.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in Illinois (ILMVEHMANQGSP), retrieved from FRED.