Average Hourly Earnings of All Employees: Professional and Business Services in Washington
SMU53000006000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
48.39
Year-over-Year Change
48.66%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average hourly earnings for all employees in the professional and business services sector in Washington. It provides important insights into labor market dynamics and wage growth within 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 Hourly Earnings of All Employees: Professional and Business Services in Washington tracks the typical hourly compensation levels for workers in this influential economic sector. It serves as a benchmark for understanding employment trends and inflationary pressures in the local labor market.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely monitored by policymakers, economists, and industry analysts to gauge the health of the professional services economy.
Key Facts
- Earnings in professional/business services make up a significant portion of total wages in Washington.
- This sector has seen steady wage growth over the past decade.
- Wages in professional services tend to be higher than the overall state average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings for all employees working in the professional and business services sector in Washington.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into labor market dynamics and wage growth within a key industry, which is closely watched by policymakers, economists, and industry analysts.
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 metric is used by policymakers, economists, and industry analysts to gauge the health of the professional services economy and inform decisions around employment, wages, and inflation.
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 (SMU53000006000000003A), retrieved from FRED.