Labor Compensation for Administrative and Support and Waste Management and Remediation Services: Janitorial Services (NAICS 56172) in the United States
IPUPN56172L020000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
52,183.02
Year-over-Year Change
81.69%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures the labor compensation for janitorial services (NAICS 56172) in the United States. It provides insights into the wage and labor cost dynamics of this critical service industry.
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 Labor Compensation for Administrative and Support and Waste Management and Remediation Services: Janitorial Services (NAICS 56172) in the United States trend tracks the average hourly compensation, including wages and benefits, for workers in the janitorial services industry. This data is used by economists and policymakers to assess labor market conditions and inflationary pressures in the service sector.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is used to monitor labor costs and productivity in the janitorial services industry, which has implications for service prices, inflation, and the broader service sector economy.
Key Facts
- Janitorial services account for a significant portion of the administrative and support services sector.
- Labor costs are a major driver of prices in the janitorial services industry.
- Trends in janitorial services compensation can signal broader labor market and inflationary pressures.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly labor compensation, including wages and benefits, for workers in the janitorial services industry (NAICS 56172) in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor cost dynamics in the janitorial services industry, which is a critical part of the broader administrative and support services sector. It can signal inflationary pressures and labor market conditions that are relevant for economists, policymakers, and market analysts.
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: Trends in janitorial services labor compensation are used by policymakers and economists to monitor labor costs, productivity, and inflationary pressures in the service sector, which can inform monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several weeks after the reference period. There may also be revisions to historical data as more complete information becomes available.
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Citation
U.S. Federal Reserve, Labor Compensation for Administrative and Support and Waste Management and Remediation Services: Janitorial Services (NAICS 56172) in the United States (IPUPN56172L020000000), retrieved from FRED.