Professional and Technical Services Earnings in Minnesota
MNEPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
29,787,214.00
Year-over-Year Change
16.01%
Date Range
1/1/1998 - 1/1/2025
Summary
The Professional and Technical Services Earnings in Minnesota series measures the average hourly earnings of workers in the professional and technical services industry in the state of Minnesota. This trend provides important insights into the economic conditions and labor market for high-skilled occupations in the state.
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 Professional and Technical Services Earnings in Minnesota series tracks the average hourly earnings of workers employed in the professional, scientific, and technical services industry in Minnesota. This data is used by economists and policymakers to monitor trends in high-wage, high-skill occupations and assess the state's competitiveness in attracting and retaining talent.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is relevant for understanding the overall strength of Minnesota's knowledge-based economy and its ability to support high-paying jobs.
Key Facts
- Minnesota's professional and technical services industry accounts for over 300,000 jobs.
- Average hourly earnings in this sector are 50% higher than the statewide average.
- The industry has seen steady growth in earnings over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Professional and Technical Services Earnings in Minnesota series tracks the average hourly earnings of workers employed in the professional, scientific, and technical services industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the strength and competitiveness of Minnesota's knowledge-based economy, which is a key driver of the state's economic growth and prosperity.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to monitor trends in high-wage, high-skill occupations and assess Minnesota's ability to attract and retain talented workers.
Q: Are there update delays or limitations?
A: The data is typically published with a one-month lag and may be subject to minor revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Professional and Technical Services Earnings in Minnesota (MNEPRO), retrieved from FRED.