Gross Annual Payroll for Legal Services, All Establishments, Employer Firms
EXPGAPEF5411ALLEST • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
134,936.00
Year-over-Year Change
34.11%
Date Range
1/1/2012 - 1/1/2022
Summary
This economic trend measures the total annual payroll for legal services establishments in the United States. It provides insight into the size and growth of the legal services industry, which is an important indicator of broader economic activity.
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 Gross Annual Payroll for Legal Services, All Establishments, Employer Firms tracks the total wages and salaries paid to employees in the legal services sector. This metric offers economists and policymakers a measure of the overall size and health of the legal industry, which plays a crucial role in supporting commerce, contract enforcement, and the rule of law.
Methodology
The data is collected through surveys of U.S. businesses by the U.S. Census Bureau.
Historical Context
Trends in legal services payroll are closely monitored by economists and regulators to assess the strength of the professional services sector and its impact on the broader economy.
Key Facts
- Legal services account for over 1.2 million U.S. jobs.
- The legal industry contributed over $300 billion to U.S. GDP in recent years.
- Payroll growth in legal services often tracks broader economic trends.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total annual payroll for legal services establishments in the United States, providing insight into the size and growth of the legal industry.
Q: Why is this trend relevant for users or analysts?
A: Trends in legal services payroll are closely monitored by economists and regulators to assess the strength of the professional services sector and its impact on the broader economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of U.S. businesses by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this metric to gauge the health of the legal industry and its influence on overall economic activity.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months.
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Citation
U.S. Federal Reserve, Gross Annual Payroll for Legal Services, All Establishments, Employer Firms (EXPGAPEF5411ALLEST), retrieved from FRED.