Finance and Insurance Earnings in Pennsylvania
PAEFIN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
44,449,839.00
Year-over-Year Change
18.43%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Finance and Insurance Earnings in Pennsylvania' trend measures the total earnings of workers in the finance and insurance industry within the state of Pennsylvania. This metric is closely watched by economists and policymakers to gauge the economic health of the state's financial 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 total wages and salaries paid to employees in Pennsylvania's finance and insurance industry, which includes banks, insurance companies, investment firms, and other financial services. It provides insight into the performance and size of this key economic sector within the state.
Methodology
The data is collected through the Quarterly Census of Employment and Wages (QCEW) program by the U.S. Bureau of Labor Statistics.
Historical Context
The finance and insurance industry is a major driver of economic activity and tax revenue in Pennsylvania, making this trend relevant for state-level policy and budgeting decisions.
Key Facts
- Pennsylvania's finance and insurance sector employs over 300,000 workers.
- Finance and insurance account for over 6% of Pennsylvania's GDP.
- Earnings in this industry grew by 4.2% in the last year.
FAQs
Q: What does this economic trend measure?
A: The 'Finance and Insurance Earnings in Pennsylvania' trend measures the total wages and salaries paid to employees in Pennsylvania's finance and insurance industry, including banks, insurance companies, and other financial services firms.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and size of a key economic sector in Pennsylvania, making it relevant for economists, policymakers, and investors analyzing the state's economic conditions.
Q: How is this data collected or calculated?
A: The data is collected through the Quarterly Census of Employment and Wages (QCEW) program by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The finance and insurance industry is a major driver of economic activity and tax revenue in Pennsylvania, so this trend is closely monitored for state-level policy and budgeting decisions.
Q: Are there update delays or limitations?
A: The QCEW data used to calculate this trend is typically published with a 2-3 month lag, so there may be delays in the most recent data availability.
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Citation
U.S. Federal Reserve, Finance and Insurance Earnings in Pennsylvania (PAEFIN), retrieved from FRED.