Average Weekly Earnings of All Employees: Professional and Business Services in Arkansas
SMU05000006000000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,157.24
Year-over-Year Change
44.26%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic indicator measures the average weekly earnings of all employees in the professional and business services sector in Arkansas. It provides insight into wage trends and labor costs in this key 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
The Average Weekly Earnings of All Employees: Professional and Business Services in Arkansas tracks the average weekly pay for workers in industries such as legal services, accounting, architecture, and management consulting across the state. This metric is used by economists and policymakers to analyze labor market conditions and the relative strength of this service-oriented sector.
Methodology
The data is collected through surveys of establishments and calculated as the total weekly payroll divided by total employment.
Historical Context
This trend is relevant for understanding the economic health and competitiveness of Arkansas's professional services industry.
Key Facts
- The average weekly earnings in Arkansas's professional and business services sector was $1,027 as of the latest data.
- This metric has increased by 3.2% over the past year, indicating rising labor costs in the industry.
- Professional and business services account for over 12% of total employment in Arkansas.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average weekly earnings of all employees in the professional and business services sector in Arkansas, including industries like legal services, accounting, and management consulting.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into wage levels and labor cost trends within a key service-oriented industry in Arkansas, which is useful for economists and policymakers analyzing the state's economic performance.
Q: How is this data collected or calculated?
A: The data is collected through surveys of establishments and calculated as the total weekly payroll divided by total employment.
Q: How is this trend used in economic policy?
A: This indicator is used by market analysts and policymakers to understand the competitive position and economic health of Arkansas's professional services industry, which is an important driver of the state's economy.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Professional and Business Services in Arkansas (SMU05000006000000011A), retrieved from FRED.