Professional and Technical Services Earnings in Arizona
AZEPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27,322,248.00
Year-over-Year Change
17.67%
Date Range
1/1/1998 - 1/1/2025
Summary
The Professional and Technical Services Earnings in Arizona trend measures the average hourly earnings for workers in Arizona's professional and technical services industry. This metric is a key indicator of economic conditions and labor market strength in this important 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
The Professional and Technical Services Earnings in Arizona series tracks the average hourly wages paid to employees in Arizona's professional, scientific, and technical services industries, which include fields like accounting, engineering, and computer systems design. This data provides insight into compensation levels and trends within a highly skilled, knowledge-based segment of the state's economy.
Methodology
The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists closely monitor professional services earnings to gauge the health of high-skill, high-wage industries that drive innovation and productivity growth.
Key Facts
- Arizona's professional services sector accounts for over 300,000 jobs.
- Average hourly earnings in this industry are 50% higher than the statewide average.
- Professional services wages have grown steadily in Arizona over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Professional and Technical Services Earnings in Arizona trend measures the average hourly wages paid to workers in Arizona's professional, scientific, and technical services industries.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into compensation levels and labor market conditions within a key high-skill, high-wage sector of Arizona's economy that drives innovation and productivity growth.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor professional services earnings to gauge the health of high-skill industries and inform decisions related to economic development, workforce training, and other policy areas.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis with a typical 1-2 month lag, so it provides timely but not real-time information on earnings trends.
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Citation
U.S. Federal Reserve, Professional and Technical Services Earnings in Arizona (AZEPRO), retrieved from FRED.