All Employees: Professional, Scientific, and Technical Services in Massachusetts
SMU25000006054000001A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
370.40
Year-over-Year Change
38.52%
Date Range
1/1/1990 - 1/1/2024
Summary
This economic trend measures the number of all employees in the professional, scientific, and technical services industry in Massachusetts. It is an important indicator of the health and growth of the state's knowledge-based 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
The All Employees: Professional, Scientific, and Technical Services in Massachusetts data series tracks the total number of employees in this key industry sector, which includes businesses providing specialized services such as legal, accounting, architecture, engineering, and scientific research. This metric is closely watched by policymakers and economists to gauge the vitality of the state's innovation economy.
Methodology
The data is collected through the Quarterly Census of Employment and Wages (QCEW) program administered by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in professional and technical employment are used to inform economic and workforce development policies at the state level.
Key Facts
- Massachusetts has a large and vibrant professional services sector.
- This industry accounts for over 400,000 jobs in the state.
- Employment in professional services has grown steadily over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of employees in the professional, scientific, and technical services industry in Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of the health and growth of Massachusetts' knowledge-based economy, which is a key driver of the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected through the Quarterly Census of Employment and Wages (QCEW) program administered by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in professional and technical employment are closely monitored by policymakers and used to inform economic and workforce development policies at the state level.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical 1-2 month lag.
Related Trends
Housing Inventory: Median Home Size in Square Feet Month-Over-Month in Massachusetts
MEDSQUFEEMMMA
All Employees: Trade, Transportation, and Utilities in Massachusetts
MATRAD
All Employees: Other Services: Personal and Laundry Services in Massachusetts
SMU25000008081200001SA
90% Confidence Interval Upper Bound of Estimate of Percent of People Age 0-17 in Poverty for Massachusetts
PPCIUBU18MA25000A156NCEN
Value of Exports to France from Massachusetts
MAFRAA052SCEN
All Employees: Education and Health Services: Offices of Physicians in Massachusetts
SMU25000006562110001SA
Citation
U.S. Federal Reserve, All Employees: Professional, Scientific, and Technical Services in Massachusetts (SMU25000006054000001A), retrieved from FRED.