Accommodation and Food Services Wages and Salaries in Florida
FLWACC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
43,042,303.00
Year-over-Year Change
26.59%
Date Range
1/1/1998 - 1/1/2025
Summary
The Accommodation and Food Services Wages and Salaries in Florida measures the average hourly earnings for workers in the state's hospitality and food service industries. It provides insights into labor costs and economic activity in a key service sector.
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 nominal wages and salaries paid to employees in Florida's accommodation and food services industries. It is a useful metric for understanding labor market trends and inflationary pressures in the state's tourism and hospitality sectors.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched by policymakers, investors, and economists to gauge the health of Florida's service economy.
Key Facts
- Florida is a major tourism hub in the U.S.
- Accommodation and food services is a key industry in the state's economy.
- Wages in this sector impact household spending and overall inflation.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average hourly wages and salaries paid to workers in Florida's accommodation and food services industries.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into labor costs and economic activity in a vital service sector, which is crucial for understanding Florida's broader economic conditions.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers, investors, and economists closely monitor this metric to gauge the health of Florida's service economy and make informed decisions.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Accommodation and Food Services Wages and Salaries in Florida (FLWACC), retrieved from FRED.