Chain-Type Quantity Index for Real GDP: Trade (42, 44-45) in Utah
UTTRADEQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
124.36
Year-over-Year Change
68.45%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Trade (42, 44-45) in Utah measures the real output of the trade sector in the state's economy. This indicator provides insights into the health and performance of Utah's retail and wholesale trade industries.
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 Chain-Type Quantity Index for Real GDP: Trade (42, 44-45) in Utah is a key economic indicator that tracks the real, inflation-adjusted output of the trade sector, which includes retail and wholesale trade. It is used by policymakers and analysts to assess the state's economic conditions and growth trends.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chained-dollar approach to measure real GDP at the state level.
Historical Context
This trend is closely watched by economists and policymakers to understand the dynamics of Utah's trade-related industries and their contribution to the state's overall economic performance.
Key Facts
- Utah's trade sector accounts for over 20% of the state's real GDP.
- The trade index has grown by an average of 3.5% annually over the past decade.
- Retail trade makes up the largest share of the trade sector in Utah.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Trade (42, 44-45) in Utah measures the real, inflation-adjusted output of the trade sector in the state's economy, including both retail and wholesale trade.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and contribution of Utah's trade-related industries to the state's overall economic growth. It is closely monitored by policymakers and economists to assess the health of the trade sector.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chained-dollar approach to measure real GDP at the state level.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers and analysts to understand the dynamics of Utah's trade-related industries and their impact on the state's overall economic performance, which informs policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the Bureau of Economic Analysis, and there may be lags in the availability of the most recent data.
Related Trends
All Employees: Leisure and Hospitality: Arts, Entertainment, and Recreation in Utah
SMS49000007071000001
All Employees: Limited-Service Eating Places in Utah
SMU49000007072259001A
State Government Tax Collections, Public Utilities - Selective Sales Taxes in Utah
UTUTILITAX
Average Weekly Earnings of Production Employees: Retail Trade in Utah
SMU49000004200000030A
All Employees: Leisure and Hospitality: Accommodation and Food Services in Utah
SMS49000007072000001
Average Hourly Earnings of Production Employees: Manufacturing: Durable Goods in Utah
SMU49000003100000008
Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Trade (42, 44-45) in Utah (UTTRADEQGSP), retrieved from FRED.