Average Weekly Earnings of All Employees: Professional and Business Services in Utah
SMU49000006000000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,526.83
Year-over-Year Change
69.02%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Earnings of All Employees: Professional and Business Services in Utah measures the average weekly earnings for workers in the professional and business services sector in the state of Utah. This data provides insight into wage trends and labor market conditions in a key part of the Utah 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
This economic indicator tracks the average weekly earnings of all employees working in the professional and business services industry in Utah. It is a useful metric for understanding compensation levels and changes over time for a crucial sector that includes high-skilled occupations like management, technology, and consulting.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Economists and policymakers monitor this trend to gauge the health of the professional services industry and broader labor market in Utah.
Key Facts
- Utah's professional and business services sector employs over 280,000 people.
- Average weekly earnings in this sector were $1,284 as of the latest data.
- Earnings have grown by over 20% in the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average weekly earnings for all employees working in the professional and business services industry in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into compensation levels and trends for a key sector of the Utah economy, which can inform analyses of labor market conditions and the broader economic outlook.
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: Economists and policymakers monitor this trend to gauge the health of the professional services industry and broader labor market in Utah, which can inform economic and workforce development strategies.
Q: Are there update delays or limitations?
A: This data is released on a monthly basis with a lag of approximately one month.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Professional and Business Services in Utah (SMU49000006000000011A), retrieved from FRED.