Average Hourly Earnings of Production Employees: Professional and Business Services in West Virginia
SMU54000006000000008 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27.58
Year-over-Year Change
8.03%
Date Range
1/1/2003 - 7/1/2025
Summary
This economic trend measures the average hourly earnings of production employees in the professional and business services sector in West Virginia. It provides insights into labor costs and productivity in this important 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 Production Employees: Professional and Business Services in West Virginia is a key indicator of compensation levels and labor market conditions in the state's professional and business services industry. It is used by economists, policymakers, and businesses to analyze regional labor market trends and inform economic decision-making.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely watched by policymakers and businesses to gauge the competitiveness of West Virginia's professional services labor market.
Key Facts
- West Virginia's professional and business services sector employs over 100,000 workers.
- Average hourly earnings in this sector have risen by 20% over the past decade.
- The state's professional services wages are below the national average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production employees in the professional and business services sector in West Virginia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into labor costs and productivity in an important industry, which is useful for economic analysis and decision-making.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is closely watched by policymakers and businesses to gauge the competitiveness of West Virginia's professional services labor market.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month delay.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Professional and Business Services in West Virginia (SMU54000006000000008), retrieved from FRED.