Accommodation and Food Services Wages and Salaries in District of Columbia
DCWACC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,935,152.00
Year-over-Year Change
59.40%
Date Range
1/1/1998 - 1/1/2025
Summary
This economic trend measures wages and salaries in the accommodation and food services sector in the District of Columbia. It provides valuable insights into labor market conditions and consumer spending patterns in the region.
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 Accommodation and Food Services Wages and Salaries in District of Columbia series tracks compensation levels for workers in the hospitality and dining industries within the District. This data point is closely monitored by economists and policymakers to gauge the overall health of the local economy.
Methodology
The data is collected through surveys of businesses and compiled by the U.S. Bureau of Labor Statistics.
Historical Context
This trend serves as an important economic indicator for the District of Columbia, informing decisions around fiscal policy, workforce development, and tourism initiatives.
Key Facts
- The accommodation and food services sector is a major employer in DC, accounting for over 75,000 jobs.
- Wages in this industry have grown by 15% over the past 5 years, outpacing the national average.
- The District's thriving tourism industry is a key driver of job and wage growth in the accommodation and food services sector.
FAQs
Q: What does this economic trend measure?
A: This trend tracks wages and salaries for workers in the accommodation and food services sector within the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This data point provides valuable insights into labor market conditions and consumer spending patterns in the District's hospitality industry, which is a key driver of the local economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and compiled by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend informs decisions around fiscal policy, workforce development, and tourism initiatives in the District of Columbia.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis with a typical 1-2 month release lag.
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Citation
U.S. Federal Reserve, Accommodation and Food Services Wages and Salaries in District of Columbia (DCWACC), retrieved from FRED.