Average Hourly Earnings of All Employees: Professional and Business Services in North Carolina
SMU37000006000000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37.90
Year-over-Year Change
2.21%
Date Range
1/1/2007 - 7/1/2025
Summary
This economic indicator measures the average hourly wages of employees in the professional and business services sector in North Carolina. It provides insight into labor market trends and productivity in the state's service-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 Average Hourly Earnings of All Employees: Professional and Business Services in North Carolina metric tracks changes in the typical hourly compensation for workers in industries like legal services, accounting, architecture, and management consulting. It is a key indicator of labor market conditions and purchasing power.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This wage trend data is used by policymakers, economists, and businesses to understand the economic health of North Carolina's professional services industry.
Key Facts
- North Carolina is home to over 400,000 professional and business services jobs.
- Wages in this sector have risen over 3% annually in recent years.
- Professional services account for nearly 15% of North Carolina's GDP.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average hourly earnings of employees in North Carolina's professional and business services industries, which include legal, accounting, architecture, and management consulting firms.
Q: Why is this trend relevant for users or analysts?
A: This wage data provides insight into labor market conditions, productivity, and purchasing power in a key sector of North Carolina's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and businesses use this wage trend data to understand the economic health of North Carolina's professional services industry.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical 1-2 month reporting lag.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Professional and Business Services in North Carolina (SMU37000006000000003), retrieved from FRED.