Professional and Technical Services Wages and Salaries in Minnesota
MNWPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
21,437,468.00
Year-over-Year Change
14.87%
Date Range
1/1/1998 - 1/1/2025
Summary
The Professional and Technical Services Wages and Salaries in Minnesota metric tracks changes in compensation for workers in these industries within the state. It serves as an important indicator of economic health and labor market 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
This series measures the average hourly wage and salary for employees in professional, scientific, and technical services occupations in Minnesota. It is used by economists and policymakers to monitor trends in high-skilled labor costs and assess the competitiveness of the state's workforce.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Changes in professional services wages can impact the cost of doing business, influence hiring and investment decisions, and reflect broader economic shifts.
Key Facts
- Minnesota's professional services wages are above the national average.
- Wages in this sector have risen steadily over the past decade.
- The professional services industry is a key driver of Minnesota's economy.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average hourly wages and salaries for employees in professional, scientific, and technical services occupations in Minnesota.
Q: Why is this trend relevant for users or analysts?
A: Changes in professional services wages can provide insights into the state's labor market, cost of doing business, and overall economic competitiveness.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to assess labor market conditions, cost pressures, and the competitiveness of Minnesota's high-skilled workforce.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Professional and Technical Services Wages and Salaries in Minnesota (MNWPRO), retrieved from FRED.