Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Minnesota
MNPROSCITCHQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
129.57
Year-over-Year Change
70.25%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the chain-type quantity index for real GDP in the professional, scientific, and technical services sector in Minnesota. It provides insights into the productivity and economic output of this important 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
The chain-type quantity index for real GDP tracks changes in the volume of economic activity, adjusting for inflation. This metric is a key indicator of productivity and growth in the professional, scientific, and technical services industry within Minnesota.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is closely monitored by policymakers and economists to assess the health and trajectory of Minnesota's economy.
Key Facts
- The index is based on 2012 as the base year.
- Professional, scientific, and technical services account for over 10% of Minnesota's GDP.
- The index reached its highest point in 2019 before declining during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This trend measures the chain-type quantity index for real GDP in the professional, scientific, and technical services sector in Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the productivity and economic output of an important industry within Minnesota's economy, which is crucial for policymakers and economists to assess the state's economic health.
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: This trend is closely monitored by policymakers and economists to assess the health and trajectory of Minnesota's economy, which informs economic policies and decision-making.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Bureau of Economic Analysis, but there may be delays in reporting due to the comprehensive nature of the calculations.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Minnesota (MNPROSCITCHQGSP), retrieved from FRED.