All Employees: Professional, Scientific, and Technical Services in North Dakota
SMU38000006054000001A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
17.10
Year-over-Year Change
18.75%
Date Range
1/1/1990 - 1/1/2024
Summary
This economic trend measures the total number of employees in the professional, scientific, and technical services industry in North Dakota. It provides insight into the growth and health of this key 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 All Employees: Professional, Scientific, and Technical Services in North Dakota series tracks the monthly employment levels in this industry, which includes a wide range of knowledge-based occupations such as accounting, legal services, engineering, and computer systems design. This data is used by economists and policymakers to analyze trends in high-skilled employment and business activity.
Methodology
The data is collected through surveys of North Dakota businesses by the U.S. Bureau of Labor Statistics.
Historical Context
This employment trend is an important indicator for understanding the state's economic diversification and competitiveness in attracting and retaining high-value industries.
Key Facts
- Professional, scientific, and technical services make up about 8% of North Dakota's total employment.
- Employment in this sector has grown by over 20% in North Dakota since 2010.
- North Dakota has the 7th highest concentration of professional services jobs in the U.S.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of people employed in the professional, scientific, and technical services industry in North Dakota. It covers a wide range of high-skilled occupations like accounting, engineering, and computer systems design.
Q: Why is this trend relevant for users or analysts?
A: This employment trend provides insight into the growth and competitiveness of North Dakota's knowledge-based economy. It is an important indicator for understanding the state's economic diversification and ability to attract and retain high-value industries.
Q: How is this data collected or calculated?
A: The data is collected through surveys of North Dakota businesses conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this employment trend to analyze the strength of North Dakota's professional services sector and its contribution to the state's overall economic development and competitiveness.
Q: Are there update delays or limitations?
A: The employment data is released monthly by the U.S. Bureau of Labor Statistics, with a typical 1-2 month delay. There may be revisions to previously published figures as more complete data becomes available.
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Citation
U.S. Federal Reserve, All Employees: Professional, Scientific, and Technical Services in North Dakota (SMU38000006054000001A), retrieved from FRED.