Hourly Compensation for Administrative and Support and Waste Management and Remediation Services: Janitorial Services (NAICS 56172) in the United States
IPUPN56172U121000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4.80
Year-over-Year Change
77.78%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures hourly compensation for workers in the janitorial services industry (NAICS 56172) in the United States. It provides insight into labor costs and productivity within a critical 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
The Hourly Compensation for Administrative and Support and Waste Management and Remediation Services: Janitorial Services (NAICS 56172) in the United States metric tracks wages, benefits, and other forms of compensation for employees in the janitorial services industry. This data point is a key indicator of economic activity, labor market dynamics, and inflationary pressures in the service sector.
Methodology
This data is collected through surveys of U.S. employers by the Bureau of Labor Statistics.
Historical Context
Economists and policymakers use this metric to assess the health of the service economy and make informed decisions about employment, consumer spending, and other macroeconomic factors.
Key Facts
- Janitorial services account for over 2 million U.S. jobs.
- Hourly compensation in this industry has risen by 25% over the past decade.
- The janitorial services sector makes up approximately 1% of U.S. GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures hourly 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 insight into labor costs and productivity within a critical service sector, which is important for assessing economic activity, inflationary pressures, and employment trends.
Q: How is this data collected or calculated?
A: The data is collected through surveys of U.S. employers by the Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this metric to evaluate the health of the service economy and make informed decisions about employment, consumer spending, and other macroeconomic factors.
Q: Are there update delays or limitations?
A: The data is published on a regular schedule, with occasional delays due to data collection and processing.
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Citation
U.S. Federal Reserve, Hourly Compensation for Administrative and Support and Waste Management and Remediation Services: Janitorial Services (NAICS 56172) in the United States (IPUPN56172U121000000), retrieved from FRED.