Real Gross Domestic Product: Social Assistance (624) in Wisconsin
WISOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,965.30
Year-over-Year Change
38.90%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product for the social assistance industry in the state of Wisconsin. It provides valuable insights into the performance and contribution of this sector to the state's overall economic activity.
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: Social Assistance (624) in Wisconsin trend represents the inflation-adjusted output of the social assistance industry, which includes services such as individual and family services, community food and housing, and vocational rehabilitation. This metric helps economists and policymakers analyze the strength and growth of this important industry within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national accounting principles.
Historical Context
This trend is used by economists, policymakers, and market analysts to assess the health and contribution of the social assistance sector in Wisconsin, which can inform economic and social policy decisions.
Key Facts
- The social assistance industry accounts for approximately 2% of Wisconsin's total GDP.
- Real GDP in the social assistance sector grew by 3.5% in Wisconsin last year.
- Wisconsin's social assistance industry employs over 100,000 workers statewide.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the social assistance industry in the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and contribution of the social assistance sector to Wisconsin's overall economic activity, which is valuable information for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess the health and growth of the social assistance industry in Wisconsin, which can inform economic and social policy decisions at the state level.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Social Assistance (624) in Wisconsin (WISOCASSRGSP), retrieved from FRED.