Professional and Technical Services Wages and Salaries in Arizona
AZWPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
19,420,837.00
Year-over-Year Change
15.90%
Date Range
1/1/1998 - 1/1/2025
Summary
The Professional and Technical Services Wages and Salaries in Arizona trend measures the average hourly earnings for workers in the professional and technical services industry within the state of Arizona. This data provides insights into labor market conditions and cost pressures for a key sector of the state's economy.
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 Wages and Salaries in Arizona series tracks the average hourly wage for workers in industries such as legal services, accounting, engineering, computer systems design, and scientific research. This metric is closely monitored by economists and policymakers to gauge competitiveness, inflationary pressures, and the overall health of Arizona's professional services labor market.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in professional services wages are used to inform monetary and fiscal policy decisions that impact the broader economy.
Key Facts
- Arizona's professional services sector accounts for over 10% of the state's GDP.
- Wages in this industry have grown by an average of 3% annually over the past decade.
- The professional services industry is a major driver of high-skill job creation in Arizona.
FAQs
Q: What does this economic trend measure?
A: The Professional and Technical Services Wages and Salaries in Arizona trend measures the average hourly earnings for workers in industries such as legal services, accounting, engineering, and computer systems design within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into labor market conditions and cost pressures for a key sector of Arizona's economy, which is closely monitored by economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in professional services wages are used to inform monetary and fiscal policy decisions that impact the broader economy.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis with a typical lag of 1-2 months.
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Citation
U.S. Federal Reserve, Professional and Technical Services Wages and Salaries in Arizona (AZWPRO), retrieved from FRED.