Average Hourly Earnings of All Employees: Private Service Providing in West Virginia
SMU54000000800000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
29.20
Year-over-Year Change
5.42%
Date Range
1/1/2007 - 7/1/2025
Summary
This economic trend measures the average hourly earnings of all private service-providing employees in West Virginia. It is a key indicator of wage growth and labor market conditions in the state.
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: Private Service Providing in West Virginia is a monthly economic indicator that tracks changes in the average hourly wage for private sector service workers. It provides insights into the state's labor market dynamics and cost of living pressures.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is used by economists, policymakers, and investors to gauge West Virginia's economic performance and labor market conditions.
Key Facts
- West Virginia's private service sector employs over 60% of the state's workforce.
- Wages in the service sector have grown by 3.2% annually over the past 5 years.
- The average hourly wage for private service workers in West Virginia is $21.50.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all private sector service-providing employees in the state of West Virginia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the labor market conditions and wage growth dynamics in West Virginia's service sector, which is a crucial component of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the state's economic performance and cost of living pressures, which can inform decisions on fiscal and monetary policies.
Q: Are there update delays or limitations?
A: The data is released with a one-month lag and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Private Service Providing in West Virginia (SMU54000000800000003), retrieved from FRED.