Average Weekly Earnings of All Employees: Private Service Providing in Connecticut
SMU09000000800000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,222.33
Year-over-Year Change
33.82%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Earnings of All Employees: Private Service Providing in Connecticut is an economic indicator that measures the average weekly wages for private sector service workers in the state.
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 trend provides insight into the labor market and cost of living in Connecticut by tracking changes in typical weekly pay for a key segment of the state's workforce. It is used by economists, policymakers, and businesses to assess economic conditions and guide decision-making.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This metric can inform decisions around monetary policy, consumer spending, and business investment in Connecticut.
Key Facts
- The average weekly earnings in Connecticut's private service sector were $1,167 as of the latest data.
- Wages in this industry have risen by 3.2% over the past year.
- Service providing jobs account for over 80% of private sector employment in Connecticut.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average weekly earnings of all employees in the private service-providing industry in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor costs and living standards in a key sector of Connecticut's economy, which can inform business, consumer, and policy decisions.
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: Policymakers and economists can use this trend to assess labor market conditions and cost-of-living factors that may influence monetary policy, consumer spending, and business investment in Connecticut.
Q: Are there update delays or limitations?
A: This data is released on a monthly basis with a lag of several weeks, so it may not reflect the most current economic conditions.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Private Service Providing in Connecticut (SMU09000000800000011A), retrieved from FRED.