Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in North Carolina
NCACCFDQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
100.78
Year-over-Year Change
31.86%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in North Carolina measures the real output of the accommodation and food services sector in the state. This is a key indicator of economic activity and consumer spending patterns.
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 tracks the inflation-adjusted total value of goods and services produced by businesses in the accommodation and food services industry in North Carolina. It is used by economists and policymakers to assess the health and trajectory of the state's service economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to account for changes in prices and production over time.
Historical Context
Trends in this index provide insights into consumer behavior and spending that can inform economic policy decisions.
Key Facts
- The index is based on 2012 dollars.
- North Carolina is the 9th largest state economy in the U.S.
- The accommodation and food services sector accounts for over 10% of the state's GDP.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of the accommodation and food services sector in North Carolina. It tracks the total value of goods and services produced by businesses in this industry.
Q: Why is this trend relevant for users or analysts?
A: Trends in this index provide insights into consumer spending patterns and the overall health of North Carolina's service economy, which is an important driver of the state's GDP.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to account for changes in prices and production over time.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this index to monitor the accommodation and food services sector and its impact on the overall state economy, which can inform decisions related to economic development, taxation, and consumer protection.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in North Carolina (NCACCFDQGSP), retrieved from FRED.