Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Massachusetts
MASOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
108.41
Year-over-Year Change
67.27%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Massachusetts measures the inflation-adjusted output of the social assistance industry in the state. This metric provides insight into the health and growth of this critical sector of the Massachusetts economy.
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 tracks changes in the real, inflation-adjusted dollar value of goods and services produced by the social assistance industry in Massachusetts. This data is used by economists and policymakers to assess the economic performance and productivity trends within this key service-providing industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to account for changes in relative prices over time.
Historical Context
Monitoring this industry-level GDP data helps inform decisions around social welfare programs, funding, and economic policies in Massachusetts.
Key Facts
- Massachusetts' social assistance industry accounts for over 4% of the state's total GDP.
- This index has grown by 23% over the past decade, outpacing overall state GDP growth.
- Social assistance is a major employment sector in Massachusetts, with over 200,000 jobs.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Massachusetts measures the inflation-adjusted output and production of the social assistance industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and growth of a critical service sector in the Massachusetts economy, informing decisions around social welfare programs, funding, and economic policies.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to account for changes in relative prices over time.
Q: How is this trend used in economic policy?
A: Monitoring this industry-level GDP data helps inform decisions around social welfare programs, funding, and economic policies in Massachusetts.
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 lag.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Social Assistance (624) in Massachusetts (MASOCASSQGSP), retrieved from FRED.