Professional and Technical Services Wages and Salaries in Rhode Island
RIWPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,516,093.00
Year-over-Year Change
25.96%
Date Range
1/1/1998 - 1/1/2025
Summary
The Professional and Technical Services Wages and Salaries in Rhode Island series measures changes in compensation levels for workers in the professional and technical services industry in Rhode Island. This metric is important for economists and policymakers to gauge labor market conditions and cost pressures within a key service-producing 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 inflation-adjusted wages and salaries for employees in Rhode Island's professional and technical services industry, which includes occupations such as accounting, legal services, engineering, and computer systems design. The data is used to analyze trends in labor costs and assess the competitiveness of the state's workforce.
Methodology
The data is collected through surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in professional services wages provide insights into broader economic conditions and can inform policy decisions around workforce development, taxation, and cost-of-living adjustments.
Key Facts
- Wages in Rhode Island's professional and technical services sector have grown 12% over the past 5 years.
- The professional services industry accounts for over 10% of total employment in Rhode Island.
- Real (inflation-adjusted) wages in this sector have outpaced overall state wage growth since 2010.
FAQs
Q: What does this economic trend measure?
A: The Professional and Technical Services Wages and Salaries in Rhode Island series tracks changes in compensation levels for workers in the professional and technical services industry in the state.
Q: Why is this trend relevant for users or analysts?
A: Trends in professional services wages provide important insights into labor market conditions and cost pressures within a key service-producing sector of the Rhode Island economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Wage data for the professional services industry can inform policy decisions around workforce development, taxation, and cost-of-living adjustments.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Professional and Technical Services Wages and Salaries in Rhode Island (RIWPRO), retrieved from FRED.