Total Wages and Salaries in Virginia
VAWTOT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
362,328,461.00
Year-over-Year Change
20.38%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Total Wages and Salaries in Virginia' series measures the total wages and salaries paid to employees in the state of Virginia. It is an important economic indicator that provides insights into the health and growth of Virginia's labor market.
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 represents the aggregate earnings from employment in Virginia, including both private-sector and government jobs. It is a key measure of economic activity and consumer purchasing power within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and tax records.
Historical Context
This trend is closely watched by policymakers, economists, and businesses to gauge the strength of Virginia's economy and consumer demand.
Key Facts
- Virginia's total wages and salaries exceeded $400 billion in 2021.
- The trend showed a sharp decline during the COVID-19 pandemic but has since rebounded.
- Wages and salaries account for over 50% of Virginia's gross state product.
FAQs
Q: What does this economic trend measure?
A: The 'Total Wages and Salaries in Virginia' series measures the total earnings from employment, including both private-sector and government jobs, within the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the health and growth of Virginia's labor market and overall economic activity. It is closely watched by policymakers, economists, and businesses to gauge consumer purchasing power and demand.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and tax records.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the strength of Virginia's economy and make informed decisions about fiscal and monetary policies that may impact employment, consumer spending, and overall economic growth in the state.
Q: Are there update delays or limitations?
A: The 'Total Wages and Salaries in Virginia' data is typically released on a quarterly basis, with a slight delay to allow for the collection and processing of the underlying information.
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Citation
U.S. Federal Reserve, Total Wages and Salaries in Virginia (VAWTOT), retrieved from FRED.