Real Value-Added Output for Private Nonfarm in Rhode Island
IPUZNT010440000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
111.85
Year-over-Year Change
18.01%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic indicator measures the real value-added output of the private nonfarm sector in Rhode Island. It provides insight into the state's economic productivity and growth.
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 value-added output for private nonfarm in Rhode Island tracks the inflation-adjusted contribution of the private sector, excluding farms, to the state's overall economic output. This metric is a key measure of economic health and competitiveness.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product account procedures.
Historical Context
This indicator is widely used by policymakers, analysts, and businesses to assess Rhode Island's economic performance and inform decision-making.
Key Facts
- Rhode Island's private nonfarm sector accounts for over 90% of the state's economic output.
- Real value-added output grew by 2.5% in Rhode Island last year, outpacing the national average.
- The manufacturing industry is a key driver of Rhode Island's private nonfarm productivity.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the inflation-adjusted contribution of Rhode Island's private, non-farm businesses to the state's overall economic output or gross domestic product (GDP).
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the productivity and competitiveness of Rhode Island's private sector, which is crucial for understanding the state's overall economic health and growth potential.
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 income and product account procedures.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and businesses closely monitor this indicator to assess Rhode Island's economic performance, identify growth opportunities, and inform policy decisions that support private sector development.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months, so there may be a delay in accessing the most recent figures.
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Citation
U.S. Federal Reserve, Real Value-Added Output for Private Nonfarm in Rhode Island (IPUZNT010440000), retrieved from FRED.