Average Weekly Earnings of All Employees: Leisure and Hospitality in Alabama
SMU01000007000000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
407.93
Year-over-Year Change
39.53%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average weekly earnings of all employees in the leisure and hospitality industry in Alabama. It provides insight into wage levels and trends within a key service 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
The Average Weekly Earnings of All Employees: Leisure and Hospitality in Alabama series tracks the average weekly pay for workers in Alabama's leisure and hospitality industry, which includes hotels, restaurants, arts, entertainment, and recreation. This metric offers valuable insights into labor market conditions and consumer spending patterns within the state.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by policymakers, businesses, and economists to assess the health of Alabama's service economy.
Key Facts
- Alabama's leisure and hospitality industry accounts for over 10% of the state's employment.
- Weekly earnings in this sector have grown by 20% over the past 5 years.
- The COVID-19 pandemic significantly impacted leisure and hospitality wages in Alabama.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly earnings of all employees in the leisure and hospitality industry in Alabama, including hotels, restaurants, arts, entertainment, and recreation.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into labor market conditions and consumer spending patterns within Alabama's service economy, which is a key driver of the state's economic activity.
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 closely monitored by policymakers, businesses, and economists to assess the health of Alabama's service economy and inform economic and workforce development strategies.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of several weeks, and may be subject to revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Leisure and Hospitality in Alabama (SMU01000007000000011A), retrieved from FRED.