Accommodation and Food Services Wages and Salaries in Massachusetts
MAWACC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,644,956.00
Year-over-Year Change
22.99%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Accommodation and Food Services Wages and Salaries in Massachusetts' economic trend measures average hourly and weekly earnings for workers in the hospitality industry in the state of Massachusetts. This data is crucial for understanding labor market dynamics and cost pressures 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 nominal wages and salaries paid to employees in the accommodation and food services industry in Massachusetts. It provides a high-level indicator of compensation levels and changes over time in this important economic sector.
Methodology
The data is collected through surveys of private businesses by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists use this data to assess the health of the Massachusetts hospitality industry and broader economic conditions.
Key Facts
- Massachusetts is a major tourism and business travel destination.
- Accommodation and food services is a large employer in the state.
- Wage trends in this sector can indicate broader labor market pressures.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly and weekly wages and salaries paid to workers in the accommodation and food services industry in the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into labor market dynamics and compensation levels in a key service sector of the Massachusetts economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of private businesses by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to assess the health of the Massachusetts hospitality industry and broader economic conditions.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of several weeks.
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Citation
U.S. Federal Reserve, Accommodation and Food Services Wages and Salaries in Massachusetts (MAWACC), retrieved from FRED.