Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Maryland
Annual, Not Seasonally Adjusted
MDPROSCITCHQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
139.74
Year-over-Year Change
48.73%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Annual, Not Seasonally Adjusted' trend measures the quarterly gross state product (GSP) for the professional, scientific, and technical services industry in the United States. This metric provides insight into the economic performance and productivity of a key sector.
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 professional, scientific, and technical services industry includes establishments that perform activities that require a high degree of expertise and training, such as legal services, accounting, engineering, and computer systems design. The GSP data for this industry is a valuable indicator of broader economic conditions and investment in knowledge-based services.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis through surveys and statistical modeling.
Historical Context
Policymakers and analysts use this industry-level GSP data to assess the health and competitiveness of the professional services sector.
Key Facts
- The professional, scientific, and technical services industry accounts for approximately 8% of U.S. GDP.
- This sector has experienced steady growth over the past decade, outpacing overall economic expansion.
- The GSP data is released quarterly with a lag of several months.
FAQs
Q: What does this economic trend measure?
A: The 'Annual, Not Seasonally Adjusted' trend measures the quarterly gross state product (GSP) for the professional, scientific, and technical services industry in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic performance and productivity of a key sector, which is valuable for assessing broader economic conditions and investment in knowledge-based services.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis through surveys and statistical modeling.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this industry-level GSP data to assess the health and competitiveness of the professional services sector.
Q: Are there update delays or limitations?
A: The GSP data is released quarterly with a lag of several months.
Related Trends
Chain-Type Quantity Index for Real GDP: Educational Services (61) in Maryland
MDEDCATQGSP
Gross Domestic Product: Finance and Insurance (52) in Maryland
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Real Personal Income: Nonmetropolitan Portion for Maryland
MDNMPRPI
Gross Domestic Product: Insurance Carriers and Related Activities (524) in Maryland
MDINSCRANGSP
State Government Tax Collections, Total Other Taxes in Maryland
MDTLOTHTAX
Accommodation and Food Services Earnings in Maryland
MDEACC
Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (MDPROSCITCHQGSP), retrieved from FRED.