Total Wages and Salaries in Rhode Island
RIWTOT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37,597,246.00
Year-over-Year Change
15.96%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Total Wages and Salaries in Rhode Island' series measures the total compensation paid to employees in the state, providing insight into 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 metric represents the aggregate earnings of workers across all sectors of the Rhode Island economy. It is a key indicator monitored by economists and policymakers to assess employment, consumer spending, and broader economic trends within the state.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Historical Context
This series is used to inform state-level economic policies and forecasting models.
Key Facts
- Rhode Island's total wages and salaries reached a record high of $35.2 billion in 2021.
- The series has shown a steady upward trend over the past decade, reflecting the state's economic growth.
- Wages and salaries account for the largest component of personal income in Rhode Island.
FAQs
Q: What does this economic trend measure?
A: The 'Total Wages and Salaries in Rhode Island' series measures the total compensation paid to employees across all sectors of the state's economy.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into employment levels, consumer spending, and broader economic conditions within Rhode Island, making it a key indicator for policymakers and analysts.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: This series is used to inform state-level economic policies and forecasting models in Rhode Island.
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, Total Wages and Salaries in Rhode Island (RIWTOT), retrieved from FRED.