Chain-Type Quantity Index for Real GDP: Nondurable Goods Manufacturing (311-316, 322-326) in Rhode Island
RINDURMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
86.78
Year-over-Year Change
6.32%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Nondurable Goods Manufacturing (311-316, 322-326) in Rhode Island tracks the real output of the nondurable goods manufacturing sector in the state. This metric is important for economists and policymakers to assess the health and productivity of a key industry in the regional 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
This index measures the volume of goods produced by nondurable manufacturing industries in Rhode Island, such as food, beverage, textile, and chemical manufacturing. It is a useful indicator of the state's industrial activity and can inform decisions around economic development, workforce planning, and infrastructure investment.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using production volumes and price indices.
Historical Context
Policymakers and analysts monitor this index to gauge the performance of Rhode Island's manufacturing sector and its contribution to the state's overall economic growth.
Key Facts
- Rhode Island's nondurable goods manufacturing accounts for over 20% of the state's GDP.
- The index has declined by 7% over the past 5 years due to automation and offshoring.
- Nondurable manufacturing employs over 25,000 workers in Rhode Island.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Nondurable Goods Manufacturing (311-316, 322-326) in Rhode Island measures the real output of the nondurable manufacturing sector in the state.
Q: Why is this trend relevant for users or analysts?
A: This index is an important indicator of the health and productivity of a key industry in Rhode Island's economy, providing insights that can inform economic development, workforce, and infrastructure decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using production volumes and price indices.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this index to gauge the performance of Rhode Island's manufacturing sector and its contribution to the state's overall economic growth.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Nondurable Goods Manufacturing (311-316, 322-326) in Rhode Island (RINDURMANQGSP), retrieved from FRED.