Average Hourly Earnings of All Employees: Leisure and Hospitality in the District of Columbia
SMU11000007000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
30.89
Year-over-Year Change
76.41%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Hourly Earnings of All Employees: Leisure and Hospitality in the District of Columbia measures the average hourly wage for workers in the leisure and hospitality sector in the District of Columbia. This metric is an important indicator of economic conditions and worker compensation in the region.
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
This series tracks the average hourly earnings for all employees in the leisure and hospitality industry in the District of Columbia. It provides insight into wage trends and worker compensation in this key service sector, which is a significant component of the local economy.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists use this metric to assess the economic health and employment conditions in the District of Columbia.
Key Facts
- The leisure and hospitality sector accounts for over 15% of employment in the District of Columbia.
- Average hourly earnings in this sector have increased by 25% over the past 5 years.
- Wages in the leisure and hospitality industry are typically lower than the overall private sector average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the leisure and hospitality sector in the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into wage trends and worker compensation in a key service sector of the District of Columbia economy, which is useful for policymakers and economists analyzing economic conditions.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the economic health and employment conditions in the District of Columbia.
Q: Are there update delays or limitations?
A: There may be typical data collection and reporting lags associated with this monthly series.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Leisure and Hospitality in the District of Columbia (SMU11000007000000003A), retrieved from FRED.