Total Revenue for Translation and Interpretation Services, Establishments Subject to Federal Income Tax, Employer Firms
This dataset tracks total revenue for translation and interpretation services, establishments subject to federal income tax, employer firms over time.
Latest Value
6560.00
Year-over-Year Change
75.40%
Date Range
1/1/1998 - 1/1/2022
Summary
This economic indicator tracks the total revenue generated by establishments providing translation and interpretation services in the United States. It offers insight into the size and performance of this professional services 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 'Total Revenue for Translation and Interpretation Services, Establishments Subject to Federal Income Tax, Employer Firms' metric measures the aggregate revenue earned by companies in this industry. It serves as a barometer for demand and economic activity in the language services market.
Methodology
This data is collected by the U.S. Census Bureau through surveys of employer businesses.
Historical Context
Policymakers and industry analysts use this trend to gauge the health and growth of the language services industry.
Key Facts
- Language services generate over $20 billion in annual revenue in the U.S.
- Translation and interpretation employment has grown by 20% in the past decade.
- The top markets for language services are healthcare, legal, and technology.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the total revenue earned by U.S. establishments providing professional translation and interpretation services.
Q: Why is this trend relevant for users or analysts?
A: This metric offers insights into the size, growth, and economic health of the language services industry, which is an important professional services sector.
Q: How is this data collected or calculated?
A: The U.S. Census Bureau collects this data through surveys of employer businesses in the translation and interpretation services industry.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this revenue data to assess the performance and outlook of the language services market.
Q: Are there update delays or limitations?
A: There may be a several month lag in the availability of the latest data, as the Census Bureau compiles and publishes the industry statistics.
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Citation
U.S. Federal Reserve, Total Revenue for Translation and Interpretation Services, Establishments Subject to Federal Income Tax, Employer Firms (REVEF54193TAXABL), retrieved from FRED.