Average Hourly Earnings of All Employees: Professional and Business Services in Massachusetts
SMU25000006000000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
53.48
Year-over-Year Change
3.40%
Date Range
1/1/2007 - 6/1/2025
Summary
The Average Hourly Earnings of All Employees: Professional and Business Services in Massachusetts is a key economic indicator that tracks changes in wages for workers in the professional and business services sector within the state.
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 measures the average hourly wage paid to workers in Massachusetts' professional and business services industries, which include occupations like accounting, engineering, management consulting, and scientific research. It is used to analyze labor market trends and inform economic policy decisions.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists monitor this trend to understand broader wage and inflationary pressures in the state's economy.
Key Facts
- Massachusetts' professional and business services sector employs over 800,000 workers.
- Wages in this sector have grown by over 25% in the past decade.
- The professional services industry accounts for nearly 20% of the state's total economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wage paid to workers in Massachusetts' professional and business services sector, including occupations like accounting, engineering, and management consulting.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding broader labor market and inflationary trends in the state, as professional and business services are a key driver of the Massachusetts economy.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to assess wage pressures and inform decisions around economic policy, particularly in areas like monetary policy and workforce development.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical one-month lag, so there may be limited real-time insights. Additionally, the series only covers the professional and business services sector in Massachusetts, not the entire state economy.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Professional and Business Services in Massachusetts (SMU25000006000000003), retrieved from FRED.