Professional and Technical Services Wages and Salaries in Massachusetts
MAWPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
66,459,980.00
Year-over-Year Change
8.00%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Professional and Technical Services Wages and Salaries in Massachusetts' trend measures changes in compensation levels for workers in high-skilled service industries within the state. This metric provides insight into the state's economic conditions and competitiveness.
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 series tracks the average hourly wages and salaries of employees in professional, scientific, and technical services occupations in Massachusetts. It is a key indicator of labor market dynamics and cost pressures in the state's knowledge-based economy.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Quarterly Census of Employment and Wages program.
Historical Context
Policymakers and businesses use this trend to assess talent retention, industry competitiveness, and inflationary pressures.
Key Facts
- Massachusetts has the highest concentration of professional and technical workers in the U.S.
- Wages in this sector have risen over 40% in the past decade.
- The trend serves as a bellwether for the state's innovation economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures changes in average hourly wages and salaries for workers in professional, scientific, and technical services occupations in Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor market dynamics, talent retention, and cost pressures within Massachusetts' knowledge-based economy.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Quarterly Census of Employment and Wages program.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this trend to assess industry competitiveness and inflationary pressures in Massachusetts.
Q: Are there update delays or limitations?
A: The data has a typical release lag of 1-2 quarters.
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Citation
U.S. Federal Reserve, Professional and Technical Services Wages and Salaries in Massachusetts (MAWPRO), retrieved from FRED.