Professional and Technical Services Wages and Salaries in Indiana
INWPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14,461,885.00
Year-over-Year Change
23.26%
Date Range
1/1/1998 - 1/1/2025
Summary
This economic trend measures the wages and salaries for professional and technical services workers in Indiana. It provides insights into labor costs and compensation trends in this key sector of the state's economy.
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 Technical Services Wages and Salaries in Indiana series tracks the average hourly earnings of workers in professional, scientific, and technical service industries within the state. This metric is widely used by economists and policymakers to assess the competitiveness of Indiana's labor market and the health of its professional services sector.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Quarterly Census of Employment and Wages program.
Historical Context
This economic trend is relevant for understanding workforce dynamics, labor costs, and the competitiveness of Indiana's professional services industry.
Key Facts
- Indiana's professional and technical services sector employs over 200,000 workers.
- Average hourly wages in this industry have grown by 20% over the past decade.
- The professional services sector accounts for nearly 10% of Indiana's total economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wages and salaries for workers in professional, scientific, and technical service industries within the state of Indiana.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the labor costs and compensation dynamics of Indiana's professional services sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Quarterly Census of Employment and Wages program.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the competitiveness of Indiana's labor market and the health of its professional services industry, which informs decisions on economic development, workforce training, and business attraction strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly, with a typical 4-6 week delay after the end of each reference period.
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Citation
U.S. Federal Reserve, Professional and Technical Services Wages and Salaries in Indiana (INWPRO), retrieved from FRED.