Average Hourly Earnings of All Employees: Other Services in the District of Columbia
SMU11000008000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
58.27
Year-over-Year Change
45.31%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of all employees in the 'Other Services' industry sector within the District of Columbia. It provides insights into the wage dynamics of this segment of the local labor market.
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 'Other Services' industry classification covers a wide range of services not provided by other economic sectors, such as personal care, repair, and religious activities. Tracking average hourly earnings in this industry gives economists and policymakers a window into the economic well-being of workers in these types of establishments.
Methodology
The data is collected through the Current Employment Statistics survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is used to monitor trends in District of Columbia's service-sector labor market and inform local economic and workforce development policies.
Key Facts
- The 'Other Services' industry accounts for about 5% of total employment in the District of Columbia.
- Average hourly earnings in this sector have risen by 15% over the past 5 years.
- This trend provides a gauge of labor market conditions for a diverse range of service-providing businesses.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the 'Other Services' industry sector within the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: Tracking average hourly earnings in this industry gives economists and policymakers insights into the economic well-being of workers in a diverse range of service-providing establishments.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This metric is used to monitor trends in District of Columbia's service-sector labor market and inform local economic and workforce development policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-month lag.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Other Services in the District of Columbia (SMU11000008000000003A), retrieved from FRED.