All Employees: Professional, Scientific, and Technical Services in Utah
SMU49000006054000001A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
131.80
Year-over-Year Change
79.56%
Date Range
1/1/1990 - 1/1/2024
Summary
The 'All Employees: Professional, Scientific, and Technical Services in Utah' series measures the number of employees in the professional, scientific, and technical services industry in the state of Utah. This trend is an important indicator of economic activity and labor market conditions in the knowledge-intensive sectors of Utah'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 professional, scientific, and technical services industry encompasses a wide range of specialized fields, including legal services, accounting, engineering, computer systems design, and scientific research and development. This employment series provides insights into the health and growth of these high-skill, high-wage industries within Utah.
Methodology
The data is collected through a monthly survey of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this trend to assess the strength and competitiveness of Utah's knowledge-based economy.
Key Facts
- Utah's professional services industry accounts for over 150,000 jobs.
- Employment in this sector has grown by over 25% in the past decade.
- Professional services make up nearly 10% of Utah's total nonfarm employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of employees in the professional, scientific, and technical services industry in the state of Utah. It provides an indicator of activity and labor market conditions in high-skill, knowledge-intensive sectors of the state's economy.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding the strength and growth of Utah's knowledge-based economy, which is a key driver of the state's overall economic performance and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected through a monthly survey of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the health and competitiveness of Utah's professional services industries, which are an important part of the state's economic strategy and workforce development initiatives.
Q: Are there update delays or limitations?
A: The data is released monthly with a lag of several weeks, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, All Employees: Professional, Scientific, and Technical Services in Utah (SMU49000006054000001A), retrieved from FRED.