Average Hourly Earnings of All Employees: Professional and Business Services in Washington
SMU53000006000000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
50.90
Year-over-Year Change
5.40%
Date Range
1/1/2007 - 7/1/2025
Summary
The 'Average Hourly Earnings of All Employees: Professional and Business Services in Washington' series measures changes in hourly wages for workers in the professional and business services sector in the state of Washington. This metric is closely watched by economists and policymakers as an indicator of labor market conditions and broader economic trends.
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 tracks the average hourly earnings of all employees in the professional and business services industry, which includes jobs in fields like accounting, consulting, law, and other knowledge-based services. It provides insight into compensation trends for a key sector of the Washington state economy.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This wage data is used by analysts and policymakers to gauge inflationary pressures, consumer demand, and the overall health of the Washington state labor market.
Key Facts
- Washington's professional and business services sector employs over 500,000 workers.
- Average hourly wages in this sector have risen by over 20% in the past decade.
- The professional and business services industry accounts for nearly 20% of Washington's total GDP.
FAQs
Q: What does this economic trend measure?
A: This series measures the average hourly earnings of all employees in the professional and business services industry in the state of Washington.
Q: Why is this trend relevant for users or analysts?
A: This wage data provides insight into labor market conditions and compensation trends for a key sector of the Washington state economy, which is important for economists, policymakers, and businesses.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This wage data is used by analysts and policymakers to gauge inflationary pressures, consumer demand, and the overall health of the Washington state labor market.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Professional and Business Services in Washington (SMU53000006000000003), retrieved from FRED.