Average Hourly Earnings of All Employees: Private Service Providing in Ohio
SMU39000000800000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31.31
Year-over-Year Change
45.70%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of all private service-providing employees in Ohio. It is a key indicator of labor market conditions and cost pressures in the service 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 Hourly Earnings of All Employees: Private Service Providing in Ohio tracks the average hourly wage rate for private sector service industry workers in the state. This metric is used by economists and policymakers to assess trends in labor costs and the relative strength of the service economy.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This economic indicator provides insight into inflationary pressures and can inform monetary and fiscal policy decisions.
Key Facts
- Ohio's private service sector employs over 3.5 million workers.
- Average hourly earnings in Ohio's service industry have risen 3.2% over the past year.
- Service sector jobs account for over 70% of total private employment in Ohio.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wage rate for private sector service industry workers in the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor market conditions and inflationary pressures in Ohio's service economy, which is crucial for economic policymaking.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in average hourly earnings in the service sector can inform monetary and fiscal policy decisions by central banks and governments.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month delay.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Private Service Providing in Ohio (SMU39000000800000003A), retrieved from FRED.