Average Hourly Earnings of All Employees: Other Services in Maryland
SMU24000008000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35.88
Year-over-Year Change
72.75%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Hourly Earnings of All Employees: Other Services in Maryland' trend measures average hourly wages for workers in the other services sector in Maryland. This data is important for economists and policymakers to understand labor market dynamics and guide economic policies.
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 economic indicator tracks the average hourly earnings of all employees in the other services industry in Maryland. The other services sector includes a diverse range of businesses such as repair and maintenance, personal and laundry services, and religious, civic, and professional organizations.
Methodology
The data is collected through the Current Employment Statistics (CES) survey, a monthly survey of businesses conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is used by economists, policymakers, and market analysts to monitor labor market conditions and wage growth in Maryland's other services sector.
Key Facts
- Maryland's other services sector accounts for approximately 5% of total state employment.
- Hourly wages in the other services industry have increased by 12% over the past 5 years.
- The other services sector in Maryland employs over 120,000 workers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the other services industry in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding labor market dynamics and wage growth in Maryland's other services sector, which is a significant part of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey, a monthly survey of businesses conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this data to monitor labor market conditions and wage growth in Maryland's other services sector, which can inform economic policies and decisions.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical lag of one month from the reference period.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Other Services in Maryland (SMU24000008000000003A), retrieved from FRED.