All Employees: Professional and Business Services in the District of Columbia
SMU11000006000000001A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
173.10
Year-over-Year Change
12.33%
Date Range
1/1/1990 - 1/1/2024
Summary
The 'All Employees: Professional and Business Services in the District of Columbia' trend measures the total number of people employed in the professional and business services sector within Washington, D.C. This metric is a key economic indicator for tracking the health and growth of the region's service-based economy.
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 professional and business services sector encompasses a wide range of knowledge-intensive occupations, including legal, accounting, engineering, and management consulting services. Monitoring employment in this sector provides insights into the strength of the District's high-skilled, white-collar labor market.
Methodology
The data is collected through monthly surveys of U.S. businesses by the Bureau of Labor Statistics.
Historical Context
This economic trend is closely watched by policymakers, economists, and investors to gauge the broader economic conditions and outlook for the Washington, D.C. metropolitan area.
Key Facts
- The professional and business services sector accounts for over 30% of total employment in Washington, D.C.
- Employment in this sector has grown by over 20% in the past decade, outpacing the national average.
- The Washington metro area is a hub for high-skilled, white-collar jobs in consulting, law, and other professional services.
FAQs
Q: What does this economic trend measure?
A: The 'All Employees: Professional and Business Services in the District of Columbia' trend measures the total number of people employed in the professional and business services sector within the Washington, D.C. metropolitan area.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the strength and growth of the high-skilled, white-collar labor market in the D.C. region, which is a crucial component of the local economy.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of U.S. businesses conducted by the Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and investors closely monitor this trend to gauge the broader economic conditions and outlook for the Washington, D.C. metropolitan area.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of 1-2 months from the reference period.
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Citation
U.S. Federal Reserve, All Employees: Professional and Business Services in the District of Columbia (SMU11000006000000001A), retrieved from FRED.