Labor Compensation for Administrative and Support and Waste Management and Remediation Services: Janitorial Services (NAICS 56172) in the United States
IPUPN56172U110000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
138.69
Year-over-Year Change
81.69%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures labor compensation for the janitorial services industry (NAICS 56172) in the United States. It provides insights into wage dynamics and productivity within this important 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
The labor compensation series tracks the total wages, salaries, and benefits paid to workers in the janitorial services industry. It serves as a key indicator of labor market conditions and cost pressures within this segment of the administrative and waste management services sector.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Producer Price Index program.
Historical Context
This metric is closely watched by policymakers, analysts, and businesses to gauge inflationary pressures and assess the broader health of the service economy.
Key Facts
- Janitorial services account for over $60 billion in annual economic output.
- This industry employs more than 2 million workers in the U.S.
- Labor costs make up around 80% of total operating expenses for janitorial firms.
FAQs
Q: What does this economic trend measure?
A: This trend measures labor compensation, including wages, salaries, and benefits, for workers in the janitorial services industry (NAICS 56172) in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions and cost pressures within the janitorial services sector, which is an important component of the broader administrative and waste management services industry.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Producer Price Index program.
Q: How is this trend used in economic policy?
A: This metric is closely watched by policymakers, analysts, and businesses to gauge inflationary pressures and assess the health of the service economy.
Q: Are there update delays or limitations?
A: The data is subject to the regular update schedule and potential revisions of the U.S. Bureau of Labor Statistics' Producer Price Index program.
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Citation
U.S. Federal Reserve, Labor Compensation for Administrative and Support and Waste Management and Remediation Services: Janitorial Services (NAICS 56172) in the United States (IPUPN56172U110000000), retrieved from FRED.