Professional and Technical Services Wages and Salaries in Illinois
ILWPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
59,300,287.00
Year-over-Year Change
10.93%
Date Range
1/1/1998 - 1/1/2025
Summary
The Professional and Technical Services Wages and Salaries in Illinois trend measures average hourly earnings for workers in professional, scientific, and technical service industries within the state. This metric provides insight into labor costs and economic conditions in a key 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 changes in wages and salaries for employees in professional, scientific, and technical service industries in Illinois, such as law, accounting, architecture, and consulting firms. It is an important indicator of labor market dynamics and cost pressures in the state's knowledge-based economy.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists analyze this trend to understand employment and compensation trends in Illinois' professional services industry.
Key Facts
- Illinois is a major hub for professional and technical services.
- Wages in this sector have grown steadily over the past decade.
- The COVID-19 pandemic temporarily depressed wages in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures average hourly wages and salaries for workers in professional, scientific, and technical service industries in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor costs and economic conditions in a key sector of Illinois' knowledge-based economy, which is important for policymakers and businesses.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to understand employment and compensation trends in Illinois' professional services industry, which informs decisions around economic development and workforce policy.
Q: Are there update delays or limitations?
A: There is typically a 1-2 month delay in the release of this data by the Bureau of Labor Statistics.
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Citation
U.S. Federal Reserve, Professional and Technical Services Wages and Salaries in Illinois (ILWPRO), retrieved from FRED.