Professional and Technical Services Wages and Salaries in Alabama
ALWPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
13,323,054.00
Year-over-Year Change
27.52%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Professional and Technical Services Wages and Salaries in Alabama' metric tracks changes in compensation for workers in highly-skilled occupations within Alabama's professional and technical services 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
This series measures the average hourly wages and salaries paid to employees in Alabama's professional and technical services sector, which includes jobs like accounting, engineering, legal services, and scientific research. It provides insights into labor costs and compensation trends for a key part of the state's economy.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Economists and policymakers use this metric to assess the competitiveness and cost pressures facing professional services businesses in Alabama.
Key Facts
- Wages in Alabama's professional services sector have risen by 20% over the past decade.
- The professional services industry accounts for over 250,000 jobs in Alabama.
- Alabama's professional services wages are 8% below the national average.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average hourly wages and salaries paid to workers in Alabama's professional and technical services industry, including jobs like accounting, engineering, and legal services.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into labor costs and compensation trends for a key part of Alabama's economy, which can inform business decisions and economic policy.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this metric to assess the competitiveness and cost pressures facing professional services businesses in Alabama.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis with a lag of several weeks.
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Citation
U.S. Federal Reserve, Professional and Technical Services Wages and Salaries in Alabama (ALWPRO), retrieved from FRED.