Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Nebraska
NEFOODDPQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
109.73
Year-over-Year Change
23.28%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Nebraska measures the volume of economic output in the state's food services and drinking establishments sector, 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, inflation-adjusted production of food services and drinking places in Nebraska over time. It is a key indicator for understanding the state's economic performance in this important industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula that accounts for price changes.
Historical Context
Policymakers and analysts use this metric to assess the health and trajectory of Nebraska's food service and hospitality sector.
Key Facts
- Nebraska's food services and drinking places sector accounts for over 5% of the state's GDP.
- This index has shown steady growth over the past decade, indicating a robust hospitality industry.
- The COVID-19 pandemic caused a sharp decline in the index in 2020 due to lockdowns and reduced consumer demand.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted output of Nebraska's food services and drinking places sector.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and health of an important component of Nebraska's economy, which is crucial for policymakers and businesses.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula that accounts for price changes.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the trajectory of Nebraska's food service and hospitality sector, which informs decisions around economic development, taxation, and regulatory policies.
Q: Are there update delays or limitations?
A: This data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Nebraska (NEFOODDPQGSP), retrieved from FRED.