All Employees: Retail Trade: Building Material and Garden Equipment and Supplies Dealers in Montana
Annual
SMU30000004244400001A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7.00
Year-over-Year Change
27.27%
Date Range
1/1/1990 - 1/1/2024
Summary
This annual series measures the total annual output of goods and services produced in the United States, commonly known as Gross Domestic Product (GDP). GDP is a key indicator of the overall health and performance of the U.S. 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
Gross Domestic Product (GDP) is the broadest measure of a country's economic activity, representing the total market value of all final goods and services produced within a country's borders over a specific time period. GDP is widely used by economists, policymakers, and analysts to assess economic growth, formulate policies, and make investment decisions.
Methodology
GDP data is collected and calculated by the U.S. Bureau of Economic Analysis based on a variety of sources, including surveys of businesses, government agencies, and consumers.
Historical Context
GDP trends are closely monitored by the Federal Reserve, Congress, and other policymakers to inform economic and monetary policy decisions.
Key Facts
- GDP reached a record high of $23.99 trillion in 2021.
- The U.S. economy contracted by 3.4% in 2020 due to the COVID-19 pandemic.
- GDP per capita in the U.S. was $63,593 in 2021.
FAQs
Q: What does this economic trend measure?
A: This series measures the total annual Gross Domestic Product (GDP) of the United States, which represents the market value of all final goods and services produced within the country over a one-year period.
Q: Why is this trend relevant for users or analysts?
A: GDP is a crucial indicator of the overall health and performance of the U.S. economy, and its trends are closely monitored by policymakers, economists, and investors to make informed decisions about economic and financial policies.
Q: How is this data collected or calculated?
A: The GDP data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including surveys of businesses, government agencies, and consumers.
Q: How is this trend used in economic policy?
A: GDP trends are closely watched by the Federal Reserve, Congress, and other policymakers to inform monetary and fiscal policy decisions, as well as to assess the overall state of the U.S. economy.
Q: Are there update delays or limitations?
A: The annual GDP data is typically released by the Bureau of Economic Analysis with a delay of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Annual (SMU30000004244400001A), retrieved from FRED.