Accommodation and Food Services Wages and Salaries in Kentucky
This dataset tracks accommodation and food services wages and salaries in kentucky over time.
Latest Value
5030254.00
Year-over-Year Change
21.08%
Date Range
1/1/1998 - 1/1/2025
Summary
The Accommodation and Food Services Wages and Salaries in Kentucky trend measures the average hourly earnings for employees in the hospitality industry in the state. It provides insights into labor costs and economic conditions in a key 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
This series tracks the average hourly earnings of employees across Kentucky's accommodation and food services industries, including hotels, restaurants, and other hospitality businesses. It is a useful indicator of wage pressures and labor market dynamics in a major component of the state's economy.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and business leaders monitor this trend to assess the health of Kentucky's service sector and make informed decisions about economic and workforce development.
Key Facts
- Kentucky's accommodation and food services industry employs over 250,000 workers.
- Wages in this sector have grown by 3.2% annually over the past 5 years.
- The average hourly wage is $13.75, below the national average for this industry.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings for employees in Kentucky's accommodation and food services industries, which include hotels, restaurants, and other hospitality businesses.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into labor costs and economic conditions in a key service sector of Kentucky's economy, which is important for understanding the state's overall economic performance and workforce dynamics.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and business leaders monitor this trend to assess the health of Kentucky's service sector and make informed decisions about economic and workforce development.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical delay of 1-2 months from the reference period.
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Citation
U.S. Federal Reserve, Accommodation and Food Services Wages and Salaries in Kentucky (KYWACC), retrieved from FRED.