Accommodation and Food Services Wages and Salaries in Minnesota
MNWACC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,046,804.00
Year-over-Year Change
22.14%
Date Range
1/1/1998 - 1/1/2025
Summary
This trend measures wages and salaries in the accommodation and food services industry in Minnesota. It is an important indicator of labor market conditions and consumer spending in the state.
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 Minnesota series tracks the average hourly and weekly earnings of workers in hotels, restaurants, and other hospitality establishments within the state. This data provides insights into the economic health of Minnesota's service sector.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Quarterly Census of Employment and Wages program.
Historical Context
Policymakers and analysts use this trend to monitor the strength of Minnesota's tourism and hospitality industries.
Key Facts
- Minnesota is a major tourism destination, with the hospitality industry comprising a significant portion of the state's economy.
- Wages in the accommodation and food services sector often serve as a bellwether for broader consumer spending patterns.
- This data series has been tracked since 2007, providing a long-term view of trends in Minnesota's service-sector labor market.
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 Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the strength of Minnesota's hospitality and tourism sectors, which are key drivers of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Quarterly Census of Employment and Wages program.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to monitor the health of Minnesota's service sector and make informed decisions about economic development, tourism promotion, and other policies.
Q: Are there update delays or limitations?
A: The data is published quarterly, with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Accommodation and Food Services Wages and Salaries in Minnesota (MNWACC), retrieved from FRED.