Real Gross Domestic Product: Wholesale Trade (42) in Illinois
ILWHOLERGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
63,370.70
Year-over-Year Change
5.48%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) for the wholesale trade sector in Illinois. It provides insights into the overall economic performance and productivity of this key industry within the state.
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: Wholesale Trade (42) in Illinois metric tracks the inflation-adjusted value added by the wholesale trade industry to the state's economy. This data is used by economists and policymakers to analyze industry-level economic growth and make informed decisions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national accounts methodology.
Historical Context
This trend is relevant for understanding Illinois' economic conditions and can inform policy decisions related to the wholesale trade sector.
Key Facts
- Illinois' wholesale trade sector accounts for over $150 billion in economic output.
- The wholesale trade industry employs more than 300,000 people in Illinois.
- Real GDP growth in Illinois' wholesale trade sector has outpaced the national average in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the wholesale trade sector in the state of Illinois, providing insights into the productivity and economic performance of this key industry.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding the overall economic conditions in Illinois and can inform policy decisions related to the wholesale trade sector, which is a significant contributor to 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 accounts methodology.
Q: How is this trend used in economic policy?
A: Economists and policymakers can use this trend to analyze industry-level economic growth and make informed decisions about policies that impact the wholesale trade sector in Illinois.
Q: Are there update delays or limitations?
A: The data is released on a regular schedule by the U.S. Bureau of Economic Analysis, but there may be some delay in the most recent figures being available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Wholesale Trade (42) in Illinois (ILWHOLERGSP), retrieved from FRED.