Average Hourly Earnings of All Employees: Private Service Providing in Utah
SMU49000000800000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34.49
Year-over-Year Change
3.45%
Date Range
1/1/2007 - 7/1/2025
Summary
This economic trend measures the average hourly earnings of all private sector service-providing employees in the state of Utah. It is a key indicator of labor market conditions and consumer purchasing power in the state.
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 Utah tracks the typical wage level for service-sector workers in the state. This metric is used by economists and policymakers to assess the strength of the Utah labor market and consumer spending trends.
Methodology
The data is collected through surveys of private employers by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely watched by the Federal Reserve and state economic development agencies to inform monetary and fiscal policy decisions.
Key Facts
- Utah's private service sector employs over 1 million workers.
- Average hourly earnings in Utah's service sector have risen 3.2% over the past year.
- The service sector accounts for 68% of Utah's total economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wage for private sector service-providing employees in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: The average hourly earnings trend is a key indicator of labor market strength and consumer purchasing power in Utah, making it highly relevant for economic analysts and policymakers.
Q: How is this data collected or calculated?
A: The data is collected through surveys of private employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by the Federal Reserve and state economic development agencies to inform monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Private Service Providing in Utah (SMU49000000800000003), retrieved from FRED.