Average Weekly Earnings of All Employees: Private Service Providing in Virginia
Annual
SMU51000000800000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,123.75
Year-over-Year Change
28.38%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual Trend measures the year-over-year change in the labor force in the U.S. This economic indicator provides insight into the size and growth of the national workforce, which is a key factor for economic policy and business decisions.
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 Annual Trend is a measure of the total size of the U.S. labor force over a 12-month period. It tracks changes in the number of employed and unemployed individuals actively seeking work, providing a high-level view of the country's workforce and its evolution.
Methodology
The data is collected through the Current Population Survey, a monthly household survey conducted by the U.S. Census Bureau.
Historical Context
Policymakers and economists closely monitor the Annual Trend to assess the health of the labor market and inform decisions around employment, wages, and macroeconomic policy.
Key Facts
- The U.S. labor force totaled over 164 million people in 2022.
- The Annual Trend declined by 1.5% in 2020 due to the COVID-19 pandemic.
- The labor force participation rate was 62.4% as of December 2022.
FAQs
Q: What does this economic trend measure?
A: The Annual Trend measures the total size of the U.S. labor force, including both employed and unemployed individuals actively seeking work.
Q: Why is this trend relevant for users or analysts?
A: The Annual Trend provides important insights into the health and growth of the national workforce, which is a key factor for economic policy, business decisions, and understanding the overall state of the economy.
Q: How is this data collected or calculated?
A: The data is collected through the Current Population Survey, a monthly household survey conducted by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor the Annual Trend to assess the state of the labor market and inform decisions around employment, wages, and broader macroeconomic policy.
Q: Are there update delays or limitations?
A: The Annual Trend data is published monthly with a short delay, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Annual (SMU51000000800000011A), retrieved from FRED.