Average Hourly Earnings of All Employees: Private Service Providing in Rhode Island
SMU44000000800000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35.93
Year-over-Year Change
2.39%
Date Range
1/1/2007 - 6/1/2025
Summary
This economic trend measures the average hourly earnings of all private service-providing employees in Rhode Island. It provides insights into labor market conditions and employee compensation in the state's service sector.
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 Rhode Island is a key indicator of economic well-being and employment trends. It reflects the typical wage levels for workers in private-sector service industries, which comprise a significant portion of the state's economy.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by policymakers, economists, and businesses to assess the state's labor market dynamics and cost of living pressures.
Key Facts
- Rhode Island's private service sector accounts for over 80% of total employment.
- Average hourly earnings in Rhode Island's private service industries have risen by 20% over the past decade.
- Wage growth in the service sector is a key indicator of inflationary pressures in the state's economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in private service-providing industries located in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions and employee compensation trends in Rhode Island's service sector, which is a crucial component of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and businesses closely monitor this trend to assess the state's labor market dynamics and cost of living pressures, which inform economic and policy decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of around one month.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Private Service Providing in Rhode Island (SMU44000000800000003), retrieved from FRED.