Average Hourly Earnings of All Employees: Professional and Business Services in Utah
SMU49000006000000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
43.79
Year-over-Year Change
5.62%
Date Range
1/1/2007 - 7/1/2025
Summary
The Average Hourly Earnings of All Employees: Professional and Business Services in Utah measures the average hourly wages for workers in the professional and business services sector within the state of Utah. This metric is important for economists and policymakers to understand labor market trends and cost of living dynamics.
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 of all employees within the professional and business services industry in Utah. It provides insight into compensation levels and trends for a key sector of the state's economy, which is crucial for assessing economic conditions and guiding policy decisions.
Methodology
The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is used by economists, policymakers, and businesses to monitor labor market conditions and make informed decisions about employment, investment, and economic development strategies.
Key Facts
- Utah's professional and business services sector employs over 300,000 workers.
- Wages in this sector have risen by 20% over the past decade.
- The average hourly wage is 25% higher than the overall state average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees within the professional and business services industry in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into labor market conditions and compensation levels for a key sector of Utah's economy, which is crucial for economic analysis and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and businesses to monitor labor market conditions and make informed decisions about employment, investment, and economic development strategies.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month delay.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Professional and Business Services in Utah (SMU49000006000000003), retrieved from FRED.