Labor Compensation for Other Services (Except Public Administration): Personal Care Services (NAICS 8121) in the United States
IPUUN8121L021000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.70
Year-over-Year Change
-68.97%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures labor compensation for personal care services, a key component of the other services (except public administration) industry in the United States. It provides insights into wage and productivity dynamics in this important 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 labor compensation for personal care services (NAICS 8121) trend represents the total compensation, including wages and benefits, paid to workers in this industry. It is a valuable indicator for economists and policymakers to assess labor market conditions and inflationary pressures in the broader services sector.
Methodology
The data is collected by the U.S. Bureau of Labor Statistics through surveys of businesses and establishments.
Historical Context
This metric is closely monitored by the Federal Reserve and other institutions to gauge the overall health of the U.S. labor market and inform monetary policy decisions.
Key Facts
- Personal care services account for over 1.2 million jobs in the U.S.
- Wages in this sector have grown by an average of 3.2% annually over the past decade.
- The personal care services industry is a major component of the broader 'other services' sector, which makes up around 4% of U.S. GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total labor compensation, including wages and benefits, paid to workers in the personal care services industry (NAICS 8121) in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into labor market conditions and inflationary pressures in the broader services sector, which is closely monitored by economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Labor Statistics through surveys of businesses and establishments.
Q: How is this trend used in economic policy?
A: The Federal Reserve and other institutions closely track this metric to gauge the overall health of the U.S. labor market and inform monetary policy decisions.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Labor Compensation for Other Services (Except Public Administration): Personal Care Services (NAICS 8121) in the United States (IPUUN8121L021000000), retrieved from FRED.