Real Gross Domestic Product: Social Assistance (624) in Louisiana
LASOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,558.50
Year-over-Year Change
19.85%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the social assistance industry in Louisiana. It provides insights into the economic performance and productivity of this sector in 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 GDP of the social assistance industry in Louisiana represents the total value of goods and services produced by this sector, adjusted for inflation. This metric is used by economists and policymakers to analyze the health and growth of the state's social services industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is relevant for understanding the economic contribution and policy implications of the social assistance industry in Louisiana.
Key Facts
- Louisiana's social assistance industry accounts for over 4% of the state's total GDP.
- The real GDP of this sector has grown by 2.5% annually over the past 5 years.
- Social assistance is a key employer in Louisiana, providing over 100,000 jobs statewide.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the social assistance industry in Louisiana, which includes organizations providing individual and family services, community food and housing, and vocational rehabilitation services.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the economic performance and productivity of Louisiana's social assistance sector, which is a key part of the state's economy and social services infrastructure.
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 to measure the total value of goods and services produced by the social assistance industry in Louisiana.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to analyze the economic contribution of the social assistance industry, assess its growth and productivity, and inform decisions related to social services funding, regulation, and workforce development in Louisiana.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month delay. While comprehensive, the metric may not capture all economic activity within the social assistance industry in Louisiana.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Social Assistance (624) in Louisiana (LASOCASSRGSP), retrieved from FRED.