Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Wisconsin
WIFURNMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
718.70
Year-over-Year Change
-27.12%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) for the furniture and related product manufacturing industry in the state of Wisconsin. It provides insight into the production and output levels of this important manufacturing sector.
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 Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Wisconsin series tracks the inflation-adjusted value of goods and services produced by this industry within the state. It is a key indicator of economic activity and productivity in this key manufacturing segment.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and economic researchers to assess the health and competitiveness of Wisconsin's manufacturing base.
Key Facts
- Wisconsin is a major hub for furniture manufacturing in the U.S.
- This industry accounts for over 20,000 jobs in the state.
- Furniture production makes up nearly 3% of Wisconsin's total GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) for the furniture and related product manufacturing industry in the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the production levels and economic performance of a key manufacturing sector in Wisconsin, which has implications for the state's overall economic health and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, industry analysts, and economic researchers to assess the health and competitiveness of Wisconsin's manufacturing base, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the statistical agency, and there may be lags of several months between the reference period and the release of the latest figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Furniture and Related Product Manufacturing (337) in Wisconsin (WIFURNMANRGSP), retrieved from FRED.