All Employees: Legal Services in Illinois
SMU17000006054110001A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
53.60
Year-over-Year Change
-2.37%
Date Range
1/1/1990 - 1/1/2024
Summary
The 'All Employees: Legal Services in Illinois' trend measures the total employment in the legal services industry within the state of Illinois. This metric is important for economists and policymakers to understand the labor dynamics of the legal sector and its contribution to the broader state economy.
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 series tracks the total number of individuals employed in the legal services industry in Illinois, including lawyers, paralegals, legal assistants, and other legal support staff. It provides insight into the size and trends of the legal labor market, which is a key component of professional services and the overall state economic landscape.
Methodology
The data is collected through surveys of business establishments conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Monitoring changes in legal services employment can inform policy decisions related to the legal industry, professional services, and the broader Illinois economy.
Key Facts
- Legal services accounted for over 3% of total Illinois employment in 2022.
- Illinois legal services employment has grown by 8% over the past 5 years.
- Chicago is the largest legal services hub in Illinois, employing over 60% of the state's legal workforce.
FAQs
Q: What does this economic trend measure?
A: The 'All Employees: Legal Services in Illinois' trend measures total employment in the legal services industry within the state of Illinois, including lawyers, paralegals, and other legal support staff.
Q: Why is this trend relevant for users or analysts?
A: Monitoring legal services employment provides insight into the size and dynamics of a key professional services sector, which is an important component of the broader Illinois economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of business establishments conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Changes in legal services employment can inform policy decisions related to the legal industry, professional services, and the overall economic conditions in Illinois.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of approximately one month.
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Citation
U.S. Federal Reserve, All Employees: Legal Services in Illinois (SMU17000006054110001A), retrieved from FRED.