Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Minnesota
MNPROBUSQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
133.36
Year-over-Year Change
6.62%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Minnesota measures the real output of this sector over time, providing insights into the productivity and growth of this key industry.
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 tracks changes in the real output of the Professional, Scientific, and Technical Services industry in Minnesota, adjusting for inflation. It is a valuable indicator of economic activity and productivity in this crucial service sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This index is used by economists and policymakers to assess the health and trends within Minnesota's professional services industry.
Key Facts
- The index is based on 2012 as the reference year.
- Professional services account for over 13% of Minnesota's GDP.
- The index has shown steady growth in the sector since 2010.
FAQs
Q: What does this economic trend measure?
A: This index measures the real output of the Professional, Scientific, and Technical Services industry in Minnesota, tracking changes in productivity and economic activity over time.
Q: Why is this trend relevant for users or analysts?
A: This index provides important insights into the performance and growth of a key service sector in Minnesota, which is crucial for understanding the state's overall economic conditions.
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: Economists and policymakers use this index to assess the health and trends within Minnesota's professional services industry, which informs economic policies and decision-making.
Q: Are there update delays or limitations?
A: The index is updated quarterly, with a typical 2-3 month delay in the release of the latest data.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Minnesota (MNPROBUSQQGSP), retrieved from FRED.