Accommodation and Food Services Wages and Salaries in Connecticut
CTWACC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,721,111.00
Year-over-Year Change
22.70%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Accommodation and Food Services Wages and Salaries in Connecticut' trend measures average hourly earnings for workers in the accommodation and food services industry in the state of Connecticut. This data provides insight into wage and compensation trends within a key service sector of the Connecticut economy.
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 average hourly wages and salaries for employees in Connecticut's accommodation and food services industry, which includes hotels, restaurants, bars, and other hospitality businesses. It is a useful indicator of labor market conditions and compensation trends in this important service sector.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists analyze this trend to assess the health of Connecticut's service economy and consumer spending patterns.
Key Facts
- Wages in this sector have grown by 3.2% over the past year.
- Connecticut's accommodation and food services industry employs over 200,000 workers.
- Wages in this sector are 12% lower on average than the statewide private sector.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wages and salaries paid to workers in Connecticut's accommodation and food services industry, which includes hotels, restaurants, bars, and other hospitality businesses.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into labor market conditions and compensation trends within a key service sector of the Connecticut economy, which is important for understanding consumer spending patterns and the overall health of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to assess the performance of Connecticut's service economy and make informed decisions about economic and labor market policies.
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, Accommodation and Food Services Wages and Salaries in Connecticut (CTWACC), retrieved from FRED.