Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Montana
MTLEGALQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
113.42
Year-over-Year Change
12.62%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Montana measures the volume of economic activity in the legal services industry in Montana, adjusted for inflation.
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 provides a way to track changes in the real output of the legal services sector in Montana over time, which is a key indicator of economic health and productivity in the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chained-dollar methodology.
Historical Context
Policymakers and economists use this index to assess the performance of Montana's legal services industry and its contribution to the state's overall economic growth.
Key Facts
- Montana's legal services industry accounts for about 2% of the state's GDP.
- The index has increased by 15% over the past 5 years, indicating growth in the sector.
- Legal services are a key input for many other industries in Montana.
FAQs
Q: What does this economic trend measure?
A: This trend measures the volume of economic activity in the legal services industry in Montana, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This index provides important insights into the performance and productivity of Montana's legal services sector, which is a key component of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chained-dollar methodology.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this index to assess the contribution of the legal services industry to Montana's overall economic growth and development.
Q: Are there update delays or limitations?
A: The data is typically updated quarterly with a short delay, and may be subject to revisions based on new information.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Montana (MTLEGALQGSP), retrieved from FRED.