Accommodation and Food Services Wages and Salaries in Maine
MEWACC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,319,233.00
Year-over-Year Change
21.17%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Accommodation and Food Services Wages and Salaries in Maine' trend measures the average earnings of workers in the accommodation and food services industry in the state of Maine. This data is important for economists and policymakers to understand wage dynamics and cost-of-living trends in a key sector of the state's economy.
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 or weekly wages and salaries paid to employees in Maine's accommodation and food services industries, which include hotels, restaurants, bars, and other hospitality-related businesses. It provides insights into compensation levels and trends in this labor market, which is a significant employer and economic driver in the state.
Methodology
The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and businesses use this information to monitor economic conditions and make informed decisions.
Key Facts
- Maine's accommodation and food services industry employs over 90,000 workers.
- Wages in this sector average around $15 per hour in Maine.
- The industry has seen steady wage growth of 3-4% annually in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly or weekly wages and salaries paid to employees in Maine's accommodation and food services industries, including hotels, restaurants, and other hospitality businesses.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into compensation levels and trends in a key sector of Maine's economy, which is a significant employer and economic driver in the state.
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 businesses use this information to monitor economic conditions and make informed decisions about the accommodation and food services industry in Maine.
Q: Are there update delays or limitations?
A: The data is typically published on a monthly basis with a short delay, and may be subject to revision as more complete information becomes available.
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Citation
U.S. Federal Reserve, Accommodation and Food Services Wages and Salaries in Maine (MEWACC), retrieved from FRED.