Chain-Type Quantity Index for Real GDP: Petroleum and Coal Products Manufacturing (324) in Rhode Island
RIPETCOALMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
79.07
Year-over-Year Change
69.46%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Petroleum and Coal Products Manufacturing (324) in Rhode Island measures the real output of the petroleum and coal products manufacturing sector in the state. This metric is crucial for economists and policymakers to assess the health and productivity of this important industrial segment.
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 Chain-Type Quantity Index tracks the real, inflation-adjusted output of the petroleum and coal products manufacturing industry in Rhode Island. This measure provides insight into the production volumes and economic contribution of this sector, which is a key component of the state's manufacturing base.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level output measures.
Historical Context
This index is used by economists, industry analysts, and policymakers to monitor trends in Rhode Island's energy production and manufacturing activity.
Key Facts
- Rhode Island is a major hub for petroleum and coal products manufacturing.
- This index has shown steady growth in the state's energy production sector in recent years.
- Monitoring this metric helps policymakers understand the economic contribution of this industry.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Petroleum and Coal Products Manufacturing (324) in Rhode Island measures the real, inflation-adjusted output of the state's petroleum and coal products manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This metric provides crucial insights into the productivity and economic contribution of a key manufacturing industry in Rhode Island, helping analysts and policymakers assess the state's economic health and growth prospects.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level output measures.
Q: How is this trend used in economic policy?
A: This index is used by economists, industry analysts, and policymakers to monitor trends in Rhode Island's energy production and manufacturing activity, informing economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Bureau of Economic Analysis, with potential for some update delays due to the complexity of collecting and analyzing industry-level information.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Petroleum and Coal Products Manufacturing (324) in Rhode Island (RIPETCOALMANQGSP), retrieved from FRED.