Real Gross Domestic Product: Nondurable Goods Manufacturing (311-316, 322-326) in Pennsylvania
PANDURMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
47,416.50
Year-over-Year Change
31.14%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the nondurable goods manufacturing sector in Pennsylvania. It provides insights into the performance and growth of this key industrial segment within the state's economy.
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: Nondurable Goods Manufacturing (311-316, 322-326) in Pennsylvania series tracks the inflation-adjusted output of industries such as food, beverage, textile, and chemical manufacturing. This metric is used by economists and policymakers to assess the health and competitiveness of Pennsylvania's nondurable goods production.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Trends in nondurable goods manufacturing GDP are closely monitored by government agencies, industry groups, and financial analysts to inform economic policy, investment decisions, and strategic planning.
Key Facts
- Pennsylvania's nondurable goods manufacturing sector accounts for over 10% of the state's GDP.
- The nondurable goods industry employs more than 250,000 workers in Pennsylvania.
- Real GDP growth in Pennsylvania's nondurable goods manufacturing averaged 2.5% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the nondurable goods manufacturing sector in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: Trends in nondurable goods manufacturing GDP provide important insights into the performance and competitiveness of a key industrial segment within Pennsylvania's economy, which is useful for economic analysis, policy decisions, and business planning.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and government agencies closely monitor trends in nondurable goods manufacturing GDP to inform decisions on economic development, industrial policy, and trade strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Nondurable Goods Manufacturing (311-316, 322-326) in Pennsylvania (PANDURMANRGSP), retrieved from FRED.