Accommodation and Food Services Wages and Salaries in Maryland
MDWACC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,299,293.00
Year-over-Year Change
23.15%
Date Range
1/1/1998 - 1/1/2025
Summary
This economic trend measures wages and salaries in the accommodation and food services industry in Maryland. It provides valuable insights into employment costs and market 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
The Accommodation and Food Services Wages and Salaries in Maryland series tracks the total compensation paid to employees in hotels, restaurants, and related establishments across the state. This metric is an important indicator of labor market dynamics and consumer demand within the hospitality industry.
Methodology
The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this trend to assess economic activity and inflationary pressures in Maryland's service economy.
Key Facts
- Wages in this sector have risen by 25% over the past decade.
- The accommodation and food services industry employs over 300,000 workers in Maryland.
- This metric is published monthly with a 1-month lag.
FAQs
Q: What does this economic trend measure?
A: The Accommodation and Food Services Wages and Salaries in Maryland series tracks the total compensation paid to employees in the hotel, restaurant, and related industries across the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into labor market conditions and consumer demand within Maryland's important hospitality 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 monthly surveys of businesses by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess economic activity, cost pressures, and inflationary trends in Maryland's service economy.
Q: Are there update delays or limitations?
A: This metric is published monthly with a 1-month lag, so the most recent data may not fully reflect current conditions.
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Citation
U.S. Federal Reserve, Accommodation and Food Services Wages and Salaries in Maryland (MDWACC), retrieved from FRED.