Real Gross Domestic Product: All Industry Total in Ohio
Annual, Not Seasonally Adjusted
OHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
727,262.40
Year-over-Year Change
23.99%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Annual, Not Seasonally Adjusted' economic trend measures the average hourly real gross domestic product per hour worked in the United States. This key productivity metric is widely used by economists and policymakers to analyze economic growth and labor market conditions.
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 series represents the real gross domestic product (GDP) per hour worked, adjusted for inflation. It is a widely-used indicator of labor productivity in the United States that provides insights into economic efficiency and the potential for future income growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using national accounts and labor force statistics.
Historical Context
Policymakers and analysts monitor this trend to assess the overall health of the economy and inform decisions on fiscal, monetary, and labor market policies.
Key Facts
- The U.S. has seen steady gains in labor productivity over the past decades.
- Improving productivity is a key driver of long-term economic growth and rising living standards.
- Measuring productivity helps policymakers assess the economy's capacity for sustainable expansion.
FAQs
Q: What does this economic trend measure?
A: The 'Annual, Not Seasonally Adjusted' trend measures the average hourly real gross domestic product per hour worked in the United States, which is a key indicator of labor productivity.
Q: Why is this trend relevant for users or analysts?
A: This productivity metric provides important insights into the efficiency and growth potential of the U.S. economy, which is highly relevant for policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using national accounts and labor force statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this productivity trend to assess the overall health of the economy and inform decisions on fiscal, monetary, and labor market policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, so there may be a delay in the most recent information being available.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (OHRGSP), retrieved from FRED.