Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in Rhode Island
RIMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
97.90
Year-over-Year Change
10.79%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in Rhode Island is an economic indicator that measures the real output of the manufacturing sector in the state. It is an important metric for understanding Rhode Island's economic growth and production trends.
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 real (inflation-adjusted) volume of goods produced by manufacturing industries in Rhode Island. It provides insight into the productivity and performance of this crucial economic sector over time, which is valuable for policymakers and analysts assessing the state's economic conditions.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on surveys of manufacturing businesses.
Historical Context
Trends in this index are used by economists and government officials to evaluate the health of Rhode Island's economy and inform policy decisions.
Key Facts
- Manufacturing accounts for over 10% of Rhode Island's GDP.
- The index has shown steady growth since the 2008-2009 recession.
- Rhode Island's manufacturing output ranks among the highest in New England.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in Rhode Island measures the real (inflation-adjusted) output of the manufacturing sector in the state.
Q: Why is this trend relevant for users or analysts?
A: This index provides valuable insight into the productivity and performance of Rhode Island's manufacturing industries, which is crucial for understanding the state's overall economic growth and conditions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on surveys of manufacturing businesses in Rhode Island.
Q: How is this trend used in economic policy?
A: Trends in this index are used by economists and government officials to evaluate the health of Rhode Island's economy and inform policy decisions related to the manufacturing sector and broader economic development.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis, with a typical lag of 1-2 months after the end of the reference quarter.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Manufacturing (31-33) in Rhode Island (RIMANQGSP), retrieved from FRED.