Accommodation and Food Services Earnings in Maine
MEEACC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,858,598.00
Year-over-Year Change
18.97%
Date Range
1/1/1998 - 1/1/2025
Summary
The Accommodation and Food Services Earnings in Maine trend measures average weekly earnings in the accommodation and food services sector in the state of Maine. This data is closely watched by economists and policymakers as an indicator of economic activity and consumer spending.
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 trend represents the average weekly earnings of workers in Maine's accommodation and food services industry, which includes hotels, restaurants, bars, and other hospitality businesses. It is an important economic indicator that provides insight into consumer demand, labor market conditions, and inflationary pressures.
Methodology
The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and market analysts use this data to assess the health of Maine's tourism and service-based economy.
Key Facts
- Maine's accommodation and food services sector employs over 80,000 workers.
- Average weekly earnings in this sector have increased by 25% over the past decade.
- The COVID-19 pandemic caused a 20% drop in average weekly earnings in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly earnings of workers in Maine's accommodation and food services industry, which includes hotels, restaurants, bars, and other hospitality businesses.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into consumer demand, labor market conditions, and inflationary pressures in Maine's service-based economy, which is crucial for economic policymakers and market analysts.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this data to assess the health of Maine's tourism and service-based economy, informing decisions around economic stimulus, workforce development, and other policy interventions.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, with a typical 1-month lag between the reference period and publication.
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Citation
U.S. Federal Reserve, Accommodation and Food Services Earnings in Maine (MEEACC), retrieved from FRED.