Average Hourly Earnings of All Employees: Education and Health Services in Virginia
SMU51000006500000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
30.42
Year-over-Year Change
28.63%
Date Range
1/1/2007 - 1/1/2024
Summary
This trend measures the average hourly earnings of all employees in the education and health services industry in Virginia. It provides insights into wage trends and labor market conditions in this important 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 metric tracks changes in the typical hourly compensation for workers in the education and health services industry in Virginia. This data is used by economists and policymakers to analyze labor market dynamics and assess the financial well-being of workers in a key service-providing industry.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in average hourly earnings help inform decisions around economic policy, workforce development, and consumer spending patterns.
Key Facts
- Virginia's education and health services industry employs over 1 million workers.
- Average hourly earnings in this sector have risen by 20% over the past decade.
- Wage growth has outpaced overall inflation in the state during this period.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the education and health services industry in Virginia.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into wage trends and labor market conditions in a key service-providing industry, which is important for economic analysis and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in average hourly earnings help inform decisions around economic policy, workforce development, and consumer spending patterns.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, but there may be some delays in publication.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Education and Health Services in Virginia (SMU51000006500000003A), retrieved from FRED.