Real Gross Domestic Product: Social Assistance (624) in Minnesota
MNSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,748.50
Year-over-Year Change
42.78%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the social assistance industry in Minnesota. It provides insights into the economic performance and contribution of this sector within the state.
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 Gross Domestic Product: Social Assistance (624) in Minnesota series tracks the inflation-adjusted output of the social assistance industry, which includes organizations providing individual and family services, community food, housing, and emergency and other relief services.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This metric is used by policymakers, economists, and industry analysts to assess the economic conditions and trends within Minnesota's social assistance sector.
Key Facts
- Minnesota's social assistance GDP accounted for 1.4% of the state's total GDP in 2021.
- The social assistance sector employed over 130,000 workers in Minnesota as of 2021.
- Real GDP in Minnesota's social assistance industry grew by 2.8% in 2021 compared to the prior year.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the social assistance industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the economic performance and contribution of Minnesota's social assistance sector, which is important for policymakers, economists, and industry stakeholders.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to assess the economic conditions and trends within Minnesota's social assistance sector, which can inform policy decisions and resource allocation.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates by the U.S. Bureau of Economic Analysis, and there may be some reporting lags or limitations in the granularity of the information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Social Assistance (624) in Minnesota (MNSOCASSRGSP), retrieved from FRED.