Chain-Type Quantity Index for Real GDP: Educational Services, Health Care, and Social Assistance (61, 62) in Utah
UTEDHLTHSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
138.69
Year-over-Year Change
69.47%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Educational Services, Health Care, and Social Assistance (61, 62) in Utah measures the inflation-adjusted economic output of these industries in the state. This is a key indicator of productivity and growth in major service sectors.
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 index tracks the real, inflation-adjusted quantity of economic output in Utah's educational, healthcare, and social assistance industries. It provides insights into the performance and relative importance of these service sectors within the state's overall economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to measure real GDP.
Historical Context
Policymakers and analysts use this index to assess the economic health and competitiveness of Utah's service industries.
Key Facts
- Utah's educational, healthcare, and social assistance industries account for over 20% of the state's GDP.
- This index has grown by an average of 3.2% per year over the past decade.
- The service sector is the largest component of Utah's economy, contributing nearly 70% of total GDP.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted quantity of economic output in Utah's educational, healthcare, and social assistance industries.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the performance and competitiveness of major service sectors within Utah's economy, which is crucial for policymakers and economic analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to measure real GDP.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess the economic health and competitiveness of Utah's service industries, which are crucial for the state's overall economic performance.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical lag of 2-3 months from the end of the reference period.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Educational Services, Health Care, and Social Assistance (61, 62) in Utah (UTEDHLTHSOCASSQGSP), retrieved from FRED.