Professional and Technical Services Earnings in Illinois
ILEPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
85,718,960.00
Year-over-Year Change
12.96%
Date Range
1/1/1998 - 1/1/2025
Summary
The Professional and Technical Services Earnings in Illinois trend measures the average weekly earnings for employees in professional and technical services industries within the state of Illinois. This data provides valuable insights into the economic health and labor market conditions in this key 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
The Professional and Technical Services Earnings in Illinois data series tracks the average weekly earnings for workers in industries such as legal services, accounting, architecture, engineering, computer systems design, and scientific research. This metric is an important indicator of compensation levels and economic activity within Illinois' professional and technical services industries.
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 analyze this trend to assess the competitiveness and growth of Illinois' knowledge-based economy.
Key Facts
- Illinois is a major hub for professional and technical services industries.
- Average weekly earnings in this sector have risen steadily over the past decade.
- The COVID-19 pandemic had a temporary impact on professional services employment and earnings in Illinois.
FAQs
Q: What does this economic trend measure?
A: The Professional and Technical Services Earnings in Illinois trend measures the average weekly earnings for employees working in professional and technical services industries within the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the compensation levels and economic health of Illinois' knowledge-based economy, which is an important driver of the state's overall economic performance.
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 analyze this trend to assess the competitiveness and growth of Illinois' professional and technical services industries, which are critical to the state's economic development and prosperity.
Q: Are there update delays or limitations?
A: The Professional and Technical Services Earnings in Illinois data is published monthly, with a typical release lag of around one month.
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Citation
U.S. Federal Reserve, Professional and Technical Services Earnings in Illinois (ILEPRO), retrieved from FRED.