Real Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in Rhode Island
RIAPPLEATHMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14.50
Year-over-Year Change
95.95%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) for the apparel, leather, and allied product manufacturing industry in Rhode Island. It provides insight into the performance and productivity of this key manufacturing sector 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: Apparel, Leather, and Allied Product Manufacturing (315-316) in Rhode Island series tracks the inflation-adjusted output of this industry, which is a major contributor to the state's manufacturing base. Economists and policymakers use this data to assess the health and competitiveness of Rhode Island's apparel and textile manufacturing capabilities.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This trend is relevant for understanding Rhode Island's manufacturing landscape and competitiveness, as well as the state's broader economic conditions.
Key Facts
- Rhode Island is a major hub for apparel and textile manufacturing in the U.S.
- This industry accounts for a significant portion of the state's total manufacturing GDP.
- The trend has shown volatility in recent years due to global competitive pressures.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) for the apparel, leather, and allied product manufacturing industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the performance and productivity of a key manufacturing sector within Rhode Island's economy, which is critical for understanding the state's broader economic conditions and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: This trend is relevant for policymakers and economists seeking to assess the health and competitiveness of Rhode Island's manufacturing base, particularly in the apparel and textile industries, which have historically been important to the state's economy.
Q: Are there update delays or limitations?
A: There may be lags in data availability and revisions to previous figures as the Bureau of Economic Analysis collects and refines the underlying source data.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Apparel, Leather, and Allied Product Manufacturing (315-316) in Rhode Island (RIAPPLEATHMANRGSP), retrieved from FRED.