Average Weekly Earnings of All Employees: Leisure and Hospitality in Virginia
SMU51000007000000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
498.25
Year-over-Year Change
44.62%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average weekly earnings of all employees in the leisure and hospitality sector in Virginia. It provides insights into the labor market and wage dynamics in a key industry.
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 Weekly Earnings of All Employees: Leisure and Hospitality in Virginia is a key indicator of economic conditions and employment trends in the state's tourism and service-oriented industries. It tracks the average weekly pay for workers in this sector, offering valuable data for policymakers, economists, and businesses.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is used to assess the strength of the Virginia economy and can inform decisions around economic policy, investment, and workforce development.
Key Facts
- Virginia's leisure and hospitality sector employs over 400,000 workers.
- Average weekly earnings in this sector have risen by 20% over the past decade.
- The industry is a significant contributor to the state's GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly earnings of all employees in the leisure and hospitality sector in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the labor market and wage dynamics within a key industry in Virginia, which can inform economic and policy decisions.
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: This trend is used by policymakers, economists, and businesses to assess the strength of the Virginia economy and inform decisions around economic policy, investment, and workforce development.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of 1-2 months.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Leisure and Hospitality in Virginia (SMU51000007000000011A), retrieved from FRED.