All Employees: Professional and Business Services in Illinois
ILPBSV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
917.40
Year-over-Year Change
-0.88%
Date Range
1/1/1990 - 6/1/2025
Summary
The 'All Employees: Professional and Business Services in Illinois' series measures employment in the professional and business services sector across the state of Illinois. This metric is a key indicator of economic activity and labor market conditions.
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 business services sector encompasses a wide range of knowledge-intensive occupations, including legal services, accounting, engineering, management consulting, and administrative support. Monitoring employment trends in this sector provides insights into the overall health of the Illinois economy.
Methodology
The data is collected through surveys of business establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to assess the strength of the Illinois economy and make informed decisions.
Key Facts
- The professional and business services sector accounts for over 15% of total employment in Illinois.
- Employment in this sector has grown by 8% in the past 5 years.
- The COVID-19 pandemic led to a temporary decline in professional and business services employment in Illinois.
FAQs
Q: What does this economic trend measure?
A: This series measures the total number of employees working in the professional and business services sector across the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: The professional and business services sector is a key driver of economic activity and a barometer of overall labor market conditions in Illinois. Tracking employment in this sector provides valuable insights for policymakers, businesses, and investors.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of business establishments conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this metric to assess the health of the Illinois economy and inform decisions related to economic development, workforce planning, and fiscal policy.
Q: Are there update delays or limitations?
A: The employment data is released with a lag of approximately one month, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, All Employees: Professional and Business Services in Illinois (ILPBSV), retrieved from FRED.