Average Weekly Earnings of All Employees: Other Services in Massachusetts
SMU25000008000000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,184.55
Year-over-Year Change
73.80%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average weekly earnings of all employees in the 'Other Services' industry in Massachusetts. It provides valuable insights into wage dynamics and labor market conditions in this sector of the state's 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 'Average Weekly Earnings of All Employees: Other Services in Massachusetts' metric tracks the average weekly compensation for workers in industries such as personal services, repair and maintenance, and religious, civic, and professional organizations. This data point is used by economists and policymakers to analyze employment trends and assess the financial well-being of workers in Massachusetts.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Current Employment Statistics (CES) survey.
Historical Context
This economic trend is closely monitored by state and federal policymakers to inform decisions related to labor market regulations, social programs, and economic development initiatives.
Key Facts
- The 'Other Services' industry includes a diverse range of economic activities, from personal care services to religious organizations.
- In Massachusetts, the 'Other Services' sector accounts for approximately 4% of total non-farm employment.
- The average weekly earnings in this industry have increased by 15% over the past 5 years, outpacing the statewide average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly earnings of all employees in the 'Other Services' industry in Massachusetts, which includes a wide range of personal, repair, and professional services.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the financial well-being and wage dynamics of workers in a diverse set of industries that are important to the Massachusetts economy.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Current Employment Statistics (CES) survey.
Q: How is this trend used in economic policy?
A: Policymakers at the state and federal level use this trend to inform decisions related to labor market regulations, social programs, and economic development initiatives in Massachusetts.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Other Services in Massachusetts (SMU25000008000000011A), retrieved from FRED.