Average Hourly Earnings of All Employees: Professional and Business Services in Rhode Island
SMU44000006000000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
42.53
Year-over-Year Change
1.12%
Date Range
1/1/2007 - 7/1/2025
Summary
This economic trend measures the average hourly earnings of all employees in the professional and business services sector in Rhode Island. It provides insights into wage growth and labor market conditions in this key industry.
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 Rhode Island is a key indicator tracked by economists and policymakers to assess the state's labor market conditions and economic performance. It reflects wage trends for a broad range of professional occupations, from management to technical services.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is used to inform economic and workforce development policies in Rhode Island.
Key Facts
- Rhode Island's professional and business services sector employs over 70,000 workers.
- Average hourly earnings in this sector are 25% higher than the statewide average.
- Wage growth in professional services has outpaced the overall state average in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the professional and business services sector in Rhode Island, providing insights into wage growth and labor market conditions in this key industry.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding economic performance and informing workforce development policies in Rhode Island, as the professional and business services sector is a major contributor to the state'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: This trend is used to inform economic and workforce development policies in Rhode Island, as it provides insights into the labor market conditions and wage trends in the professional services industry.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedule and potential revisions of the U.S. Bureau of Labor Statistics' establishment surveys.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Professional and Business Services in Rhode Island (SMU44000006000000003), retrieved from FRED.