Average Weekly Earnings of All Employees: Leisure and Hospitality in Florida
SMU12000007000000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
576.95
Year-over-Year Change
53.48%
Date Range
1/1/2007 - 1/1/2024
Summary
This trend measures the average weekly earnings of all employees in the leisure and hospitality industry in Florida. It provides insights into wage trends and labor market conditions in this important economic 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 Florida series tracks the average weekly earnings for workers in Florida's leisure and hospitality industry, which includes hotels, restaurants, arts, entertainment, and recreation. This metric is used by economists and policymakers to monitor labor market dynamics and consumer spending patterns in the state.
Methodology
The data is collected through surveys of businesses conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is a key indicator of economic conditions and consumer demand in Florida's tourism-dependent economy.
Key Facts
- Florida's leisure and hospitality industry accounts for over 1 million jobs.
- Average weekly earnings in this sector have increased by 20% over the past 5 years.
- The COVID-19 pandemic caused a sharp decline in leisure and hospitality wages in 2020.
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 Florida, which includes hotels, restaurants, arts, entertainment, and recreation.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into wage trends and labor market conditions in Florida's tourism-dependent economy, which is crucial for understanding consumer spending patterns and overall economic performance in the state.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this trend to monitor the health of Florida's leisure and hospitality sector, which is a key driver of the state's economy, and to inform decisions related to economic development, tourism promotion, and workforce policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of approximately one month, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Leisure and Hospitality in Florida (SMU12000007000000011A), retrieved from FRED.