Professional and Technical Services Wages and Salaries in Connecticut
CTWPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14,436,575.00
Year-over-Year Change
13.44%
Date Range
1/1/1998 - 1/1/2025
Summary
This trend measures the average wages and salaries for employees in the professional and technical services industry in Connecticut. It is an important indicator of labor costs and economic activity 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
The Professional and Technical Services Wages and Salaries in Connecticut trend tracks the average hourly and weekly earnings for workers in occupations like accounting, architecture, engineering, computer systems design, and other knowledge-based services. This metric helps analysts assess business costs and consumer purchasing power in the state.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists use this trend to understand Connecticut's service-sector labor market and make informed decisions.
Key Facts
- Connecticut's professional and technical services wages averaged $42.87 per hour in 2022.
- This sector accounts for over 10% of total employment in the state.
- Wages in this industry have risen by 15% in the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly and weekly wages and salaries for employees in the professional and technical services industry in Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This metric helps analysts assess business costs and consumer purchasing power in Connecticut's key service sector.
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: Policymakers and economists use this trend to understand Connecticut's service-sector labor market and make informed decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Professional and Technical Services Wages and Salaries in Connecticut (CTWPRO), retrieved from FRED.