Real Gross Domestic Product: Primary Metal Manufacturing (331) in Montana
MTPRIMETMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
58.30
Year-over-Year Change
266.67%
Date Range
1/1/1997 - 1/1/2023
Summary
This series measures the real gross domestic product (GDP) of the primary metal manufacturing industry in Montana. It is an important indicator of the state's economic activity and production capacity in this key manufacturing 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 Real Gross Domestic Product: Primary Metal Manufacturing (331) in Montana series tracks the inflation-adjusted output of the primary metal manufacturing industry, which includes the production of basic metals such as iron, steel, and aluminum. This metric provides insights into the overall health and productivity of Montana's metal fabrication and processing industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Historical Context
Policymakers and economists analyze this trend to understand the performance and competitiveness of Montana's manufacturing base and its contribution to the state's economic growth.
Key Facts
- Montana's primary metal manufacturing sector accounts for over 5% of the state's total GDP.
- This industry employs more than 3,000 workers in Montana.
- Real GDP in primary metal manufacturing has grown by 8% in Montana over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This series measures the real, inflation-adjusted gross domestic product (GDP) of the primary metal manufacturing industry in the state of Montana.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the productivity and competitiveness of a key manufacturing sector in Montana, which is crucial for understanding the state's overall economic performance and growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to assess the health and competitiveness of Montana's manufacturing base and its contribution to the state's economic growth, which informs policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month delay in release.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Primary Metal Manufacturing (331) in Montana (MTPRIMETMANRGSP), retrieved from FRED.