Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Minnesota
MNMISCPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18,991.00
Year-over-Year Change
79.88%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) for the miscellaneous professional, scientific, and technical services industry in Minnesota. It provides insights into the performance and growth of this key service sector 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
The real GDP for miscellaneous professional, scientific, and technical services in Minnesota is an important indicator of economic activity and productivity in the state. This industry includes a diverse range of services such as legal, accounting, consulting, research, and other specialized professional services.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is widely used by economists, policymakers, and businesses to analyze the state's economic conditions and forecast future growth.
Key Facts
- The miscellaneous professional, scientific, and technical services industry accounts for about 5% of Minnesota's total GDP.
- This sector has experienced steady growth in recent years, outpacing the overall state economy.
- The industry employs over 200,000 workers in Minnesota, making it a significant contributor to the state's job market.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the miscellaneous professional, scientific, and technical services industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and growth of a key service sector in Minnesota's economy, which is important for understanding the state's overall economic conditions and prospects.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and businesses use this trend to analyze the state's economic conditions, make informed decisions, and forecast future growth in the professional services industry.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with some potential for short delays in publication.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Minnesota (MNMISCPRORGSP), retrieved from FRED.