Chain-Type Quantity Index for Real GDP: Furniture and Related Product Manufacturing (337) in Minnesota
MNFURNMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
63.85
Year-over-Year Change
-6.18%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Furniture and Related Product Manufacturing (337) in Minnesota measures the real output of the furniture manufacturing industry in the state. This metric is important for economists and policymakers to understand the health and performance of this key industrial 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
This economic trend represents the real, inflation-adjusted output of the furniture manufacturing industry in Minnesota. It allows for analysis of productivity, competitiveness, and structural changes within this important component of the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using detailed industry-level production information.
Historical Context
Policymakers and industry analysts use this index to evaluate the furniture manufacturing industry's contribution to Minnesota's overall economic growth and development.
Key Facts
- Minnesota is a major furniture manufacturing hub.
- The industry employs over 15,000 workers in the state.
- Furniture exports make up a significant portion of Minnesota's total manufacturing exports.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted output of the furniture manufacturing industry in Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the performance and health of a key industrial sector in Minnesota's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using detailed industry-level production information.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this index to evaluate the furniture manufacturing industry's contribution to Minnesota's overall economic growth and development.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Furniture and Related Product Manufacturing (337) in Minnesota (MNFURNMANQGSP), retrieved from FRED.