Average Weekly Earnings of Production Employees: Accommodation and Food Services in Hawaii
SMU15000007072000030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
632.02
Year-over-Year Change
37.54%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average weekly earnings of production employees in the accommodation and food services industry in Hawaii. It provides insights into wage levels and changes in this 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 metric tracks the typical weekly paycheck for non-managerial workers in Hawaii's accommodation and food services businesses, including hotels, restaurants, and other hospitality providers. This data point is useful for analyzing labor market conditions and cost-of-living pressures in the local economy.
Methodology
The data is collected through surveys of business establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists monitor this metric to assess the economic health of Hawaii's tourism and hospitality industries.
Key Facts
- Hawaii's accommodation and food services industry is a major employer.
- Weekly earnings in this sector have increased by 15% over the past 5 years.
- Wage levels reflect the cost of living and labor market dynamics in Hawaii.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average weekly earnings of non-managerial workers in Hawaii's accommodation and food services industry, which includes hotels, restaurants, and other hospitality businesses.
Q: Why is this trend relevant for users or analysts?
A: Monitoring wage levels in Hawaii's key tourism and hospitality sectors provides insights into labor market conditions, cost-of-living pressures, and the overall health of the local economy.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of business establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the economic performance of Hawaii's accommodation and food services industries, which are crucial drivers of the state's economy.
Q: Are there update delays or limitations?
A: The data is published with a 1-month lag, so it may not reflect the most recent economic conditions. Additionally, the survey only covers non-managerial workers, so it does not capture earnings for all employees in the sector.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of Production Employees: Accommodation and Food Services in Hawaii (SMU15000007072000030A), retrieved from FRED.