Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Mississippi
MSLEGALQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
95.88
Year-over-Year Change
-16.59%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Mississippi measures the real output of the legal services industry in the state. This key economic indicator provides insights into the productivity and health of Mississippi's legal services 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
The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Mississippi is a measure of the real, inflation-adjusted output of the legal services industry in the state. It tracks changes in the volume of legal services produced, offering a window into the economic performance and productivity of this important professional services sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting methodologies.
Historical Context
This economic trend is closely monitored by policymakers, economists, and industry analysts to assess the condition of Mississippi's legal services market and its broader economic implications.
Key Facts
- The legal services industry accounts for over 2% of Mississippi's GDP.
- The Chain-Type Quantity Index uses 2012 as the base year.
- This metric has shown steady growth in Mississippi's legal services sector in recent years.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Mississippi measures the real, inflation-adjusted output of the legal services industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the productivity and economic performance of Mississippi's legal services sector, which is a key component of the state's professional services industry and broader economy.
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 methodologies.
Q: How is this trend used in economic policy?
A: This economic trend is closely monitored by policymakers, economists, and industry analysts to assess the condition of Mississippi's legal services market and its broader economic implications.
Q: Are there update delays or limitations?
A: The data is published on a regular schedule by the U.S. Bureau of Economic Analysis, with minimal delays. There are no significant known limitations to this economic metric.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Mississippi (MSLEGALQGSP), retrieved from FRED.