Chain-Type Quantity Index for Real GDP: Nondurable Goods Manufacturing (311-316, 322-326) in Utah
UTNDURMANQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
162.51
Year-over-Year Change
107.78%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Nondurable Goods Manufacturing (311-316, 322-326) in Utah measures the real output of Utah's nondurable goods manufacturing sector. This metric is crucial for economists and policymakers to assess the state's industrial production and economic health.
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) production volume of nondurable goods manufacturing industries in Utah, including food, beverage, textile, apparel, paper, printing, petroleum, and chemical products. It provides a comprehensive gauge of the state's nondurable manufacturing performance and can inform economic forecasting and policy decisions.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using production indexes and price deflators.
Historical Context
Policymakers and analysts utilize this metric to monitor Utah's industrial competitiveness and the broader economic climate.
Key Facts
- Utah's nondurable goods manufacturing accounts for over 10% of the state's GDP.
- The index has grown by an average of 2.5% annually over the past decade.
- Printing and chemical products are the largest nondurable manufacturing industries in Utah.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Nondurable Goods Manufacturing (311-316, 322-326) in Utah measures the real (inflation-adjusted) output of Utah's nondurable goods manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for economists and policymakers to assess the state's industrial production and economic health, and can inform economic forecasting and policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using production indexes and price deflators.
Q: How is this trend used in economic policy?
A: Policymakers and analysts utilize this metric to monitor Utah's industrial competitiveness and the broader economic climate.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Nondurable Goods Manufacturing (311-316, 322-326) in Utah (UTNDURMANQGSP), retrieved from FRED.