Chain-Type Quantity Index for Real GDP: Administrative and Support Services (561) in Rhode Island
RIADMINSUPQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
123.00
Year-over-Year Change
47.60%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Administrative and Support Services (561) in Rhode Island measures the real output of this industry in the state. It provides insight into the economic activity and productivity of this service 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
This index tracks the quantity of real output for administrative and support services businesses in Rhode Island. It is used by economists and policymakers to understand trends in this industry's contribution to the state's overall economic growth and performance.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
This metric offers valuable context for evaluating the health of Rhode Island's service economy and informing related policy decisions.
Key Facts
- The index is calculated using a base year of 2012.
- Administrative and support services account for over 10% of Rhode Island's GDP.
- The index experienced a sharp decline during the 2008-2009 recession.
FAQs
Q: What does this economic trend measure?
A: This index measures the real output or quantity of goods and services produced by the administrative and support services industry in Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into the performance and contribution of a key service sector within Rhode Island's economy, which is useful for economic analysis and policymaking.
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 quantity index formula.
Q: How is this trend used in economic policy?
A: This index offers important context for evaluating the health of Rhode Island's service economy and can inform policy decisions related to this industry.
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: Administrative and Support Services (561) in Rhode Island (RIADMINSUPQGSP), retrieved from FRED.