Average Hourly Earnings of All Employees: Professional and Business Services in Alabama
SMU01000006000000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38.00
Year-over-Year Change
6.29%
Date Range
1/1/2007 - 6/1/2025
Summary
This trend measures the average hourly earnings of all employees in the professional and business services sector in Alabama. It provides insight into wage growth and labor market conditions in this key part 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
The Average Hourly Earnings of All Employees: Professional and Business Services in Alabama series tracks the typical wage levels for workers in a range of professional occupations, including legal, accounting, architecture, and management services. This metric is used by economists and policymakers to assess labor market dynamics and the overall health of the state's service-oriented businesses.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This earnings trend is relevant for understanding inflationary pressures, consumer spending power, and the competitive landscape for Alabama's professional services firms.
Key Facts
- Alabama's professional and business services sector employs over 250,000 workers.
- Wages in this sector have risen by 15% over the past 5 years.
- Professional services account for nearly 15% of Alabama's total GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the professional and business services sector in Alabama, providing insight into wage levels and labor market conditions in this key part of the state's economy.
Q: Why is this trend relevant for users or analysts?
A: This earnings trend is relevant for understanding inflationary pressures, consumer spending power, and the competitive landscape for Alabama's professional services firms.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess labor market dynamics and the overall health of Alabama's service-oriented businesses.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Professional and Business Services in Alabama (SMU01000006000000003), retrieved from FRED.