Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Maryland
MDPROBUSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
135.51
Year-over-Year Change
47.17%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in Maryland measures the real output of the professional, business, and administrative services sectors in the state's 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
This index provides a measure of the real economic activity in the professional, scientific, technical, management, administrative, and waste services industries in Maryland. It is used by economists and policymakers to assess the performance and productivity of these key service sectors.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using quantity indexes and chained-dollar valuation.
Historical Context
The index is an important indicator of economic health and can inform policy decisions related to these service industries.
Key Facts
- The index has a base year of 2012.
- Professional and business services account for over 25% of Maryland's GDP.
- The index reached a record high in 2021.
FAQs
Q: What does this economic trend measure?
A: This index measures the real output of the professional, scientific, technical, management, administrative, and waste services industries in Maryland's economy.
Q: Why is this trend relevant for users or analysts?
A: This index is an important indicator of the performance and productivity of key service sectors in Maryland, which are critical to the state's economic health.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using quantity indexes and chained-dollar valuation.
Q: How is this trend used in economic policy?
A: The index can inform policy decisions related to the professional, business, and administrative services industries in Maryland.
Q: Are there update delays or limitations?
A: The index is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical delay of 2-3 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 Maryland (MDPROBUSQGSP), retrieved from FRED.