Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Indiana
INPROBUSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
143.31
Year-over-Year Change
69.49%
Date Range
1/1/1997 - 1/1/2024
Summary
This index measures the real output of the professional, business, and administrative services sectors in Indiana. It is a key indicator of economic activity and productivity in these important service industries.
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: Professional and Business Services (54, 55, 56) in Indiana tracks the real-term output of industries like legal services, accounting, architecture, management consulting, and administrative support. It is a valuable metric for analyzing the health and growth of the state's knowledge-based economy.
Methodology
The index is calculated by the U.S. Bureau of Economic Analysis using production data and price deflators.
Historical Context
Policymakers and analysts use this metric to assess the performance and competitiveness of Indiana's service sector.
Key Facts
- The index has a base year of 2012.
- Services account for over 60% of Indiana's gross state product.
- Professional and business services are a major driver of the state's economy.
FAQs
Q: What does this economic trend measure?
A: This index measures the real output, or inflation-adjusted production, of the professional, scientific, technical, and administrative services sectors in the state of Indiana.
Q: Why is this trend relevant for users or analysts?
A: The performance of these service industries is a key indicator of the overall health and productivity of Indiana's economy.
Q: How is this data collected or calculated?
A: The index is calculated by the U.S. Bureau of Economic Analysis using production data and price deflators.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the competitiveness and growth of Indiana's service sector, which is vital for the state's economic development.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Indiana (INPROBUSQGSP), retrieved from FRED.