Professional and Technical Services Earnings in Alabama
ALEPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18,653,670.00
Year-over-Year Change
26.55%
Date Range
1/1/1998 - 1/1/2025
Summary
The Professional and Technical Services Earnings in Alabama trend measures average weekly earnings for workers in Alabama's professional, scientific, and technical services industries. This metric is a key indicator of economic activity 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
This series tracks the average weekly earnings for employees in Alabama's professional, scientific, and technical services sector, which includes occupations like accounting, engineering, computer systems design, and scientific research. It provides insight into compensation trends and labor market dynamics within this important industry cluster.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Quarterly Census of Employment and Wages program.
Historical Context
Policymakers and economists analyze this trend to assess the health and competitiveness of Alabama's knowledge-based industries.
Key Facts
- Alabama's professional services sector accounts for over 7% of the state's total employment.
- Average weekly earnings in this industry are around 50% higher than the statewide average.
- The trend has shown steady growth over the past decade, reflecting the sector's importance to Alabama's economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly earnings for workers employed in Alabama's professional, scientific, and technical services industries, providing insight into compensation levels and labor market conditions in this key sector.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the strength and competitiveness of Alabama's knowledge-based industries, which are critical drivers of economic growth and innovation in the state.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Quarterly Census of Employment and Wages program.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to assess the health and competitiveness of Alabama's professional services sector, which informs decisions around workforce development, economic diversification, and business-friendly policies.
Q: Are there update delays or limitations?
A: The data is published quarterly, with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Professional and Technical Services Earnings in Alabama (ALEPRO), retrieved from FRED.