Labor Compensation for Other Services (Except Public Administration): Drycleaning and Laundry Services (NAICS 8123) in the United States
IPUUN8123L021000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.70
Year-over-Year Change
-64.94%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures labor compensation for the drycleaning and laundry services industry in the United States. It provides insights into wage and salary trends within this service sector, which is an important indicator of economic activity and business 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 labor compensation trend for drycleaning and laundry services represents the total compensation, including wages and salaries, paid to workers in this industry. It is a useful indicator for understanding labor market dynamics and the overall health of the service economy.
Methodology
The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is widely used by economists, policymakers, and industry analysts to assess the economic performance and outlook for the drycleaning and laundry services sector.
Key Facts
- Drycleaning and laundry services employ over 400,000 workers in the U.S.
- This industry generates over $20 billion in annual revenue.
- Labor costs account for approximately 50% of total operating expenses for drycleaning and laundry businesses.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total labor compensation, including wages and salaries, paid to workers in the drycleaning and laundry services industry in the United States.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the economic performance and labor market dynamics of the drycleaning and laundry services sector, which is a significant component of the broader service economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and industry analysts use this trend to assess the overall health and outlook of the drycleaning and laundry services sector, which can inform economic policies and business decisions.
Q: Are there update delays or limitations?
A: The data is typically released on a monthly or quarterly basis, with some potential for minor delays in reporting.
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Citation
U.S. Federal Reserve, Labor Compensation for Other Services (Except Public Administration): Drycleaning and Laundry Services (NAICS 8123) in the United States (IPUUN8123L021000000), retrieved from FRED.