Accommodation and Food Services Wages and Salaries in Delaware
DEWACC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,404,893.00
Year-over-Year Change
23.46%
Date Range
1/1/1998 - 1/1/2025
Summary
The Accommodation and Food Services Wages and Salaries in Delaware trend measures changes in employee compensation for the hospitality industry in the state. This data is crucial for understanding 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 tracks the quarterly average wages and salaries paid to workers in Delaware's accommodation and food services industries. It is an important indicator of labor market trends and compensation levels within the state's hospitality sector.
Methodology
The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists use this trend to assess the strength of Delaware's service economy and its ability to attract and retain workers.
Key Facts
- Delaware's accommodation and food services wages averaged $15.32 per hour in Q4 2022.
- Wages in this sector grew by 4.2% year-over-year in Q4 2022.
- The hospitality industry accounts for over 10% of Delaware's total employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average wages and salaries paid to workers in Delaware's accommodation and food services industries, which includes hotels, restaurants, and other hospitality businesses.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding labor costs and compensation levels in a key service sector of Delaware's economy, which can inform business decisions, policy discussions, and economic forecasting.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses conducted 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 assess the strength of Delaware's service economy and its ability to attract and retain workers, which can inform decisions about economic development, workforce training, and other policy initiatives.
Q: Are there update delays or limitations?
A: The data is published quarterly, with a lag of approximately two months after the end of each quarter. There may also be revisions to previously reported data.
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Citation
U.S. Federal Reserve, Accommodation and Food Services Wages and Salaries in Delaware (DEWACC), retrieved from FRED.