Gross Domestic Product: Information (51) in South Carolina
Annual, Not Seasonally Adjusted
SCINFONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,941.90
Year-over-Year Change
102.19%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Annual, Not Seasonally Adjusted' trend measures the total annual sales of consumer goods and services in the U.S. It is a key indicator of overall consumer spending and 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 series tracks the total value of retail and food service sales over a 12-month period, excluding seasonal fluctuations. It provides important insights into consumer demand and confidence that economists and policymakers use to assess the health of the broader economy.
Methodology
The data is collected through monthly surveys of retail and service establishments by the U.S. Census Bureau.
Historical Context
Consumer spending accounts for over two-thirds of U.S. GDP, making this a critical metric for monitoring economic conditions and consumer trends.
Key Facts
- Consumer spending drives over 68% of U.S. GDP.
- Retail and food service sales reached a record $6.5 trillion in 2021.
- Annual sales grew by 17.1% in 2021 compared to the prior year.
FAQs
Q: What does this economic trend measure?
A: The 'Annual, Not Seasonally Adjusted' series tracks the total annual sales of consumer goods and services in the United States.
Q: Why is this trend relevant for users or analysts?
A: Consumer spending is a critical driver of the U.S. economy, making this a key indicator that economists and policymakers use to assess overall economic health and consumer demand.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of retail and service establishments conducted by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: Analysts and policymakers closely monitor this metric to understand consumer behavior and its impact on the broader economy, which informs decision-making on monetary and fiscal policies.
Q: Are there update delays or limitations?
A: There is typically a 1-2 month delay in the release of this annual data by the Census Bureau.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (SCINFONGSP), retrieved from FRED.