Gross Domestic Product: Accommodation and Food Services (72) in Ohio
Annual, Not Seasonally Adjusted
OHACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25,635.00
Year-over-Year Change
108.64%
Date Range
1/1/1997 - 1/1/2024
Summary
The Annual, Not Seasonally Adjusted series measures the average cost per employee hour for compensation and benefits in the U.S. private sector. This metric is a key indicator of labor costs and productivity.
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 Annual, Not Seasonally Adjusted series tracks the total compensation paid to employees in the private sector, including wages, salaries, and benefits. It is used by economists and policymakers to assess employment costs and labor market conditions.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely monitored by the Federal Reserve and other institutions to gauge inflationary pressures and guide economic policy decisions.
Key Facts
- The series dates back to 1947.
- Compensation costs make up a significant portion of business expenses.
- Trends in this metric can signal changes in worker productivity.
FAQs
Q: What does this economic trend measure?
A: The Annual, Not Seasonally Adjusted series tracks the average hourly compensation, including wages and benefits, paid to private sector employees in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of labor market conditions and inflationary pressures, making it important for economists, policymakers, and businesses to monitor.
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: The Federal Reserve and other institutions closely follow this metric to assess labor market dynamics and guide monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of approximately one month.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (OHACCFDNGSP), retrieved from FRED.