Average Weekly Hours of All Employees: Manufacturing in South Carolina
Annual
SMU45000003000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.90
Year-over-Year Change
-4.09%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the total annual output of goods and services in the United States. It is a key indicator of economic growth and a critical factor in economic policymaking.
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 market value of all final goods and services produced within a country over a given year. It is the broadest measure of economic activity and a primary benchmark for assessing the overall health and performance of the U.S. economy.
Methodology
The data for the Annual trend is collected and calculated by the U.S. Bureau of Economic Analysis through surveys and economic modeling.
Historical Context
The Annual trend is closely monitored by policymakers, economists, and financial markets to gauge the strength and trajectory of the U.S. economy.
Key Facts
- The U.S. GDP reached a record high of over $23 trillion in 2021.
- GDP growth averaged 2.3% per year from 2010 to 2019.
- The COVID-19 pandemic caused a 3.4% contraction in GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: The Annual trend, also known as Gross Domestic Product (GDP), measures the total market value of all final goods and services produced within the United States over a given year.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend is a crucial indicator of the overall health and performance of the U.S. economy, and it is closely monitored by policymakers, economists, and financial markets to gauge economic growth and make informed decisions.
Q: How is this data collected or calculated?
A: The data for the Annual trend is collected and calculated by the U.S. Bureau of Economic Analysis through surveys and economic modeling.
Q: How is this trend used in economic policy?
A: The Annual trend is a key input for economic policymakers, who use it to assess the strength of the economy, make decisions about fiscal and monetary policy, and evaluate the effectiveness of government programs and initiatives.
Q: Are there update delays or limitations?
A: The Annual trend data is typically published on a quarterly basis by the U.S. Bureau of Economic Analysis, with an initial estimate followed by revisions as more complete information becomes available.
Related Trends
Personal Consumption Expenditures: Goods: Durable Goods: Furnishings and Durable Household Equipment for South Carolina
SCPCEFUR
Real Gross Domestic Product: Administrative and Support Services (561) in South Carolina
SCADMINSUPRGSP
Real Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in South Carolina
SCDATAWWWRGSP
Chain-Type Quantity Index for Real GDP: Warehousing and Storage (493) in South Carolina
SCWARESTORQGSP
All Employees: Professional and Business Services: Management of Companies and Enterprises in South Carolina
SMS45000006055000001
Coefficient for Commercial Carbon Dioxide Emissions, Distillate Fuel for South Carolina
EMISSCO2CDFCCBSCA
Citation
U.S. Federal Reserve, Annual (SMU45000003000000002A), retrieved from FRED.