Real Gross Domestic Product: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in Illinois
ILMVEHMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,439.40
Year-over-Year Change
57.79%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the motor vehicles, bodies and trailers, and parts manufacturing industry in Illinois. It provides insight into the health and performance of this key manufacturing sector within the state's economy.
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 Real Gross Domestic Product: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in Illinois series tracks the inflation-adjusted output of this industry, which includes the production of automobiles, trucks, trailers, and related components. This metric is used by economists and policymakers to analyze trends in the state's manufacturing activity and economic growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting principles.
Historical Context
This economic indicator is relevant for understanding the state of Illinois' industrial base and the broader manufacturing sector, which is an important driver of the state's economy.
Key Facts
- Illinois is a major automotive manufacturing hub in the U.S.
- The motor vehicles industry accounts for a significant portion of the state's GDP.
- This trend has shown volatility in recent years due to supply chain disruptions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the motor vehicles, bodies and trailers, and parts manufacturing industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the health and performance of a key manufacturing sector within Illinois' economy, which is important for understanding the state's overall economic growth and industrial base.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting principles.
Q: How is this trend used in economic policy?
A: This indicator is relevant for policymakers and economists analyzing the state of Illinois' manufacturing sector and its contribution to the overall economy.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedule and potential revisions of the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in Illinois (ILMVEHMANRGSP), retrieved from FRED.