The economic activity index measures average economic growth in the metropolitan area. It is computed using a dynamic factor model that includes 12 variables measuring various aspects of economic activity in the MSA. The index is calibrated to Gross Metropolitan Product (GMP) growth and variance to allow for comparison across metro areas.
For additional details, see Arias, M.A., C.S. Gascon and D.E. Rapach (2016), “Metro Business Cycles,” Journal of Urban Economics 94, 90-108, http://www.sciencedirect.com/science/article/pii/S009411901630016X.
Federal Reserve Bank of St. Louis Working Paper 2014-046C, https://research.stlouisfed.org/wp/more/2014-046.
Federal Reserve Bank of St. Louis, Economic Conditions Index for Memphis, TN-MS-AR (MSA) [MPHAGRIDX], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MPHAGRIDX, January 26, 2020.
Source: U.S. Bureau of Economic Analysis
Release: Gross Domestic Product
BEA Account Code: A191RX
Real gross domestic product is the inflation adjusted value of the goods and services produced by labor and property located in the United States.For more information see the Guide to the National Income and Product Accounts of the United States (NIPA). For more information, please visit the Bureau of Economic Analysis.
U.S. Bureau of Economic Analysis, Real Gross Domestic Product [GDPC1], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/GDPC1, January 26, 2020.