Finance and Insurance Wages and Salaries in South Carolina
SCWFIN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,198,353.00
Year-over-Year Change
26.67%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Finance and Insurance Wages and Salaries in South Carolina' series measures the total wages and salaries paid to employees in the finance and insurance industry within the state of South Carolina. This metric provides insights into the economic health and growth of this key sector.
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 represents the total compensation received by workers in South Carolina's finance and insurance industry, including wages, salaries, and bonuses. It is a valuable indicator of the industry's strength and can help policymakers and analysts understand trends in the state's economy.
Methodology
The data is collected by the U.S. Bureau of Labor Statistics through surveys of businesses in South Carolina.
Historical Context
This economic indicator is closely monitored by state and local governments, as well as industry organizations, to assess the competitiveness and performance of South Carolina's finance and insurance sector.
Key Facts
- South Carolina's finance and insurance sector employs over 100,000 people.
- Finance and insurance wages make up over 10% of the state's total private-sector wages.
- The industry has seen steady growth in wages and salaries over the past decade.
FAQs
Q: What does this economic trend measure?
A: The 'Finance and Insurance Wages and Salaries in South Carolina' series measures the total compensation, including wages and salaries, paid to employees in the finance and insurance industry within the state of South Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the economic health and growth of South Carolina's finance and insurance sector, which is a key driver of the state's economy. It is closely monitored by policymakers, industry organizations, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Labor Statistics through surveys of businesses in South Carolina.
Q: How is this trend used in economic policy?
A: State and local governments, as well as industry organizations, use this economic indicator to assess the competitiveness and performance of South Carolina's finance and insurance sector, which informs policymaking and economic development strategies.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis, with a typical delay of 1-2 months. The series may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Finance and Insurance Wages and Salaries in South Carolina (SCWFIN), retrieved from FRED.