Real Gross Domestic Product: Social Assistance (624) in Illinois
ILSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,656.60
Year-over-Year Change
30.14%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Social Assistance (624) in Illinois trend measures the real economic output of the social assistance sector in the state. This metric is important for policymakers and economists to understand the growth and performance of this key 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
The Real Gross Domestic Product: Social Assistance (624) in Illinois represents the real, inflation-adjusted value added by the social assistance industry, which includes services such as individual and family services, community food and housing, and vocational rehabilitation. This data provides insight into the economic health and productivity of this sector in the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic indicator is used by policymakers, industry analysts, and researchers to assess the overall strength and contribution of the social assistance sector to the Illinois economy.
Key Facts
- Illinois' social assistance sector accounts for over 3% of the state's total economic output.
- Real GDP in the social assistance industry has grown by an average of 2.5% annually over the past decade.
- The social assistance sector employs over 200,000 workers in Illinois, making it a significant contributor to the state's labor force.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: Social Assistance (624) in Illinois trend measures the real, inflation-adjusted economic output of the social assistance industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and growth of the social assistance sector, which is a key part of the Illinois economy and plays a vital role in supporting vulnerable populations.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers, industry analysts, and researchers use this indicator to assess the overall strength and contribution of the social assistance sector to the Illinois economy, which informs policy decisions and resource allocation.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with a delay of approximately 3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Social Assistance (624) in Illinois (ILSOCASSRGSP), retrieved from FRED.