Earnings by Place of Work in Rhode Island
RIEPLA • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
52,035,682.00
Year-over-Year Change
15.52%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Earnings by Place of Work in Rhode Island' metric measures the total compensation earned by workers in Rhode Island, providing valuable insights into the state's economic activity 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 economic indicator represents the sum of wages, salaries, commissions, bonuses, tips, and other compensation earned by individuals who are employed within the geographical boundaries of Rhode Island, regardless of their state of residence.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on a variety of sources, including employer payroll records and household surveys.
Historical Context
This metric is widely used by policymakers, economists, and market analysts to assess the overall health and trends of Rhode Island's economy.
Key Facts
- Rhode Island's total earnings by place of work was $59.1 billion in 2021.
- The earnings metric grew by 7.2% in 2021 compared to the previous year.
- The finance and insurance sector accounted for the largest share of Rhode Island's total earnings in 2021.
FAQs
Q: What does this economic trend measure?
A: The 'Earnings by Place of Work in Rhode Island' metric measures the total compensation earned by workers within the geographical boundaries of Rhode Island, regardless of their state of residence.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the overall economic activity and labor market conditions in Rhode Island, making it a key indicator for policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on employer payroll records and household surveys.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and market analysts use this metric to assess the health and trends of Rhode Island's economy, informing decisions related to economic development, taxation, and workforce policies.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Earnings by Place of Work in Rhode Island (RIEPLA), retrieved from FRED.