Chain-Type Quantity Index for Real GDP: Durable Goods Manufacturing (321, 327-339) in Rhode Island
RIDURMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
105.11
Year-over-Year Change
13.85%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Durable Goods Manufacturing (321, 327-339) in Rhode Island measures the real output of the durable goods manufacturing sector in the state, providing insight into a key driver of economic activity.
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 volume of production for a range of durable goods industries in Rhode Island, including industries like machinery, computer and electronic products, and transportation equipment. It serves as an important indicator of the health and performance of the state's manufacturing base.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys of manufacturing establishments.
Historical Context
Policymakers and analysts use this index to assess the broader trends in Rhode Island's economy and make informed decisions.
Key Facts
- Rhode Island's durable goods manufacturing sector accounts for a significant portion of the state's economic output.
- This index has shown steady growth in recent years, indicating a strengthening of the state's manufacturing base.
- Fluctuations in the index can signal changes in demand for Rhode Island's manufactured products, both domestically and internationally.
FAQs
Q: What does this economic trend measure?
A: This index measures the real output, or production volume, of the durable goods manufacturing sector in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: The durable goods manufacturing sector is a crucial component of Rhode Island's economy, and this index provides valuable insights into the performance and health of this industry.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys of manufacturing establishments in Rhode Island.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess the broader trends in Rhode Island's economy and make informed decisions regarding economic development, trade, and other policies.
Q: Are there update delays or limitations?
A: The index is updated regularly by the Federal Reserve, but there may be some delays in the availability of the most recent data.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Durable Goods Manufacturing (321, 327-339) in Rhode Island (RIDURMANQGSP), retrieved from FRED.