Average Hourly Earnings of All Employees: Leisure and Hospitality in Virginia
SMU51000007000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
19.93
Year-over-Year Change
56.19%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Hourly Earnings of All Employees: Leisure and Hospitality in Virginia metric tracks changes in the hourly wage levels for workers in the leisure and hospitality industry within the state of Virginia.
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 series provides insight into the compensation trends for a key service sector of the Virginia economy. It is used by economists and policymakers to gauge the labor market conditions and inflationary pressures in the state.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Monitoring this metric helps inform economic and monetary policy decisions.
Key Facts
- Virginia's leisure and hospitality sector employs over 400,000 workers.
- Hourly earnings in this industry are typically lower than the statewide average.
- The COVID-19 pandemic significantly impacted hourly wages in this sector.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average hourly earnings for all employees in the leisure and hospitality industry within the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: Monitoring changes in hourly wages for this key service sector provides insight into the labor market conditions and inflationary pressures in the Virginia economy.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Tracking this metric helps inform economic and monetary policy decisions by providing data on labor market and compensation trends in Virginia.
Q: Are there update delays or limitations?
A: The data is subject to typical release schedules and potential revisions by the source agency.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Leisure and Hospitality in Virginia (SMU51000007000000003A), retrieved from FRED.