Accommodation and Food Services Wages and Salaries in North Carolina
NCWACC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14,030,237.00
Year-over-Year Change
23.32%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Accommodation and Food Services Wages and Salaries in North Carolina' data series measures the average wages and salaries for workers in the accommodation and food services sector in the state of North Carolina. This provides insight into the economic conditions and labor market dynamics in a key service industry.
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 data series tracks the average hourly and weekly earnings of employees in North Carolina's accommodation and food services sector, which includes hotels, restaurants, and other hospitality businesses. It is a useful indicator of wage trends and workforce conditions in a major part of the state's economy.
Methodology
The data is collected through surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and businesses monitor this metric to assess the strength of the state's tourism and service economy.
Key Facts
- North Carolina's accommodation and food services sector employs over 500,000 workers.
- Average weekly wages in this sector were $493 as of the latest data.
- Wages have risen by 3.2% over the past year in this industry in North Carolina.
FAQs
Q: What does this economic trend measure?
A: This data series tracks the average hourly and weekly wages paid to workers in North Carolina's accommodation and food services sector, which includes hotels, restaurants, and other hospitality businesses.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic conditions and labor market dynamics in a key service industry within North Carolina. It is useful for policymakers, businesses, and analysts assessing the strength of the state's tourism and hospitality sector.
Q: How is this data collected or calculated?
A: The data is collected through surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and businesses monitor this metric to assess the strength of North Carolina's service economy and make informed decisions about economic development, workforce, and tourism-related policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month delay. It may not capture short-term fluctuations or regional variations within North Carolina.
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Citation
U.S. Federal Reserve, Accommodation and Food Services Wages and Salaries in North Carolina (NCWACC), retrieved from FRED.