Total Wages and Salaries in South Dakota
SDWTOT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
28,954,529.00
Year-over-Year Change
15.80%
Date Range
1/1/1998 - 1/1/2025
Summary
The Total Wages and Salaries in South Dakota measure the total monetary compensation paid to employees in the state, including wages, salaries, bonuses, and other forms of remuneration. This metric is a key indicator of economic activity and labor market conditions.
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
Total Wages and Salaries in South Dakota represents the aggregated earnings of all workers in the state, providing insights into the overall health of the labor market and consumer spending power. Economists and policymakers use this data to gauge the economic climate and inform policy decisions.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Historical Context
Trends in Total Wages and Salaries are closely monitored by the Federal Reserve and other institutions to assess the broader macroeconomic environment.
Key Facts
- South Dakota's total wages and salaries reached a record high in 2021.
- The service sector accounts for the largest share of total wages in South Dakota.
- Wage growth in South Dakota has outpaced the national average in recent years.
FAQs
Q: What does this economic trend measure?
A: The Total Wages and Salaries in South Dakota measure the total monetary compensation paid to employees in the state, including wages, salaries, bonuses, and other forms of remuneration.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the overall health of the South Dakota labor market and consumer spending power, which are key indicators for economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Q: How is this trend used in economic policy?
A: Trends in Total Wages and Salaries are closely monitored by the Federal Reserve and other institutions to assess the broader macroeconomic environment and inform policy decisions.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more complete information becomes available.
Related Trends
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Gross Domestic Product: Professional, Scientific, and Technical Services (54) in South Dakota
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Gross Domestic Product: Administrative and Support Services (561) in South Dakota
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Citation
U.S. Federal Reserve, Total Wages and Salaries in South Dakota (SDWTOT), retrieved from FRED.