Accommodation and Food Services Wages and Salaries in Arkansas
ARWACC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,164,644.00
Year-over-Year Change
20.37%
Date Range
1/1/1998 - 1/1/2025
Summary
The Accommodation and Food Services Wages and Salaries in Arkansas metric tracks average compensation levels for workers in the state's hospitality industry. This data provides insights into labor costs and economic conditions in a key service sector.
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 and weekly wages paid to employees in Arkansas's accommodation and food services industries. It is a useful indicator of compensation trends and labor market dynamics in the state's hospitality sector.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and businesses use this metric to analyze labor market conditions and cost pressures in the tourism and hospitality industries.
Key Facts
- Wages have increased by 3.2% year-over-year in Arkansas.
- The accommodation and food services sector employs over 150,000 workers in the state.
- Wages in this industry are about 20% below the statewide average for all private sector jobs.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average hourly and weekly wages paid to employees in Arkansas's accommodation and food services industries.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into labor costs and economic conditions in a key service sector, which is useful for policymakers and businesses analyzing the hospitality industry.
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: Policymakers and businesses use this metric to analyze labor market conditions and cost pressures in the tourism and hospitality industries.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Accommodation and Food Services Wages and Salaries in Arkansas (ARWACC), retrieved from FRED.