Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Ohio
OHLEGALQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
106.75
Year-over-Year Change
1.36%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Ohio measures the volume of output in the legal services industry within the state. This metric is important for economists and policymakers to understand productivity trends and growth within the legal 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 Ohio tracks the real (inflation-adjusted) volume of output for the legal services industry in the state. This index is a measure of the quantity of services produced, adjusting for price changes over time, and is used to analyze economic growth and productivity in the legal sector.
Methodology
The data is calculated by the U.S. Federal Reserve using production and price information from the Bureau of Economic Analysis.
Historical Context
This metric provides insight into the legal services industry's contribution to Ohio's overall economic activity and growth.
Key Facts
- The index is benchmarked to 2012 = 100.
- Legal services account for over 3% of Ohio's total GDP.
- The index has grown by 15% since 2015.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Ohio measures the real (inflation-adjusted) volume of output in the legal services industry within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into productivity and growth trends within Ohio's legal services sector, which is an important component of the state's overall economic activity.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Federal Reserve using production and price information from the Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: This index is used by economists and policymakers to assess the legal services industry's contribution to Ohio's economic performance and guide relevant policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Legal Services (5411) in Ohio (OHLEGALQGSP), retrieved from FRED.