All Employees: Private Service Providing in Rhode Island
Annual
SMU44000000800000001A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
383.30
Year-over-Year Change
9.67%
Date Range
1/1/1990 - 1/1/2024
Summary
The Annual trend measures the annual total output of goods and services produced within the United States. It is a key indicator of the overall health and growth 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
The Annual trend, also known as Gross Domestic Product (GDP), represents the total monetary value of all final goods and services produced within a country's borders over the course of a year. It is widely used by economists, policymakers, and analysts to assess economic performance and guide policy decisions.
Methodology
The U.S. Bureau of Economic Analysis (BEA) calculates GDP using data from a variety of sources, including surveys of businesses, government agencies, and international trade.
Historical Context
GDP growth is closely monitored by the Federal Reserve and other institutions to inform monetary and fiscal policy decisions.
Key Facts
- GDP in the U.S. reached a record high of $23.9 trillion in 2021.
- Real GDP, adjusted for inflation, grew by 6.9% in 2021 after a 3.4% decline in 2020.
- The U.S. accounts for approximately 25% of global GDP.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the total monetary value of all final goods and services produced within the United States over the course of a year, also known as Gross Domestic Product (GDP).
Q: Why is this trend relevant for users or analysts?
A: GDP is a widely used indicator of a country's economic health and growth, and is closely monitored by policymakers, economists, and analysts to inform decision-making.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis (BEA) calculates GDP using data from a variety of sources, including surveys of businesses, government agencies, and international trade.
Q: How is this trend used in economic policy?
A: GDP growth is closely monitored by the Federal Reserve and other institutions to inform monetary and fiscal policy decisions, as it provides insights into the overall health and performance of the U.S. economy.
Q: Are there update delays or limitations?
A: GDP data is released quarterly by the BEA, with an initial estimate followed by two revisions as more complete information becomes available. There may be some delays in data reporting, but the GDP trend is a widely trusted and comprehensive measure of economic activity.
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Citation
U.S. Federal Reserve, Annual (SMU44000000800000001A), retrieved from FRED.